Urjit R Patel, also known as Urjit Ravindra Patel, is a renowned Indian economist who served as the 24th Governor of the Reserve Bank of India (RBI). Apart from being one of India’s leading economists, Mr Patel is also known for his firm stance on certain economic policies, which often led to disputes between the RBI and the central government.
Biography/Wiki
Urjit Patel was born on 28 October 1963 (58 years as of 2021) in Nairobi, Kenya to Manjula and Ravindra Patel. His ancestors belonged to the Indian state of Gujarat: as his grandfather migrated to Kenya from Mahudha (a village in Kheda district of Gujarat) in the 20th century. He did his schooling at Visa Oswal Primary School and Jamhuri High School, run by the Gujarati community in Nairobi. After receiving a bachelor’s degree in economics from the London School of Economics, he went on to pursue an M.Phil. degree in Economics from Linacre College, University of Oxford in 1986. In 1990, Mr. Patel received a doctorate in economics from Yale University.
Urjit Patel’s school Jamhuri High School, Nairobi, Kenya
family and caste
Urjit Patel’s father, Ravindra Patel, was a businessman who owned a chemical factory called Rexo Products Limited in Nairobi. His mother is a housewife and Urjit lives with her in a flat in South Mumbai. Urjit Patel comes from the Patidar community, which is mainly confined to Gujarat. Urjit Patel is unmarried. According to sources, Mr. Patel has one sister (name not known); Who lives in New Jersey, United States.
livelihood
Urjit Patel in RBI office
After completing his doctorate in Economics from Yale University in 1990, Mr. Patel interned at the IMF India Desk during the transition period 1991-94. During 1992–95, he was posted to the IMF Country Mission in India. Urjit Patel’s initial tenure with the Reserve Bank of India (RBI) began in 1995 when he was on deputation from the IMF to the Reserve Bank of India, where he played advisory roles in credit markets, banking sector reforms, development of pensions, etc. Fund reforms, real exchange rate targeting etc. From 1998 to 2001, Mr. Patel served as an Advisor to the Government of India in the Ministry of Finance, Department of Economic Affairs. Between 2000 and 2004, he served in various capacities on several high-level committees at both the central and state government levels. In 2006–07, when Narendra Modi was the Chief Minister of Gujarat, Urjit Patel was inducted into the board of Gujarat State Petroleum Corporation. In 2010 he was made the President of the annual conference of Gujarat Economic Association (GEA). On January 11, 2013, he was appointed as one of the deputy governors in the RBI; Where he looked after many important monetary and economic policies. On 20 August 2016, Urjit Patel was appointed as the 24th Governor of the Reserve Bank of India (RBI). On 10 December 2018, he resigned from the post of RBI Governor; Citing personal reasons. In January 2022, he replaced former Gujarat Chief Secretary DJ Pandian as vice-chairman of the Beijing-based Asian Infrastructure Investment Bank (AIIB); He was appointed to this post for a tenure of three years.
major designation
- President (Business Development), Reliance Industries (1997–2006)
- Non-Executive Director, Gujarat State Petroleum Corporation
- Deputy Governor, Reserve Bank of India
- Governor, Reserve Bank of India (4 September 2016-10 December 2018)
Controversy
Urjit Patel’s dispute with Modi government
In October 2018, a dispute came to light between Urjit Patel and the central government regarding the autonomy of RBI. The central government accused him of making the differences public.
fact
- His ancestors are from Kheda district of Gujarat.
- Earlier, Urjit Patel had Kenyan citizenship.
- He worked closely with Narendra Modi when he was the Chief Minister of Gujarat.
- He has also worked with Reliance Industries.
- He lives in a small flat with his mother in South Mumbai.
- During his tenure as RBI Governor, the Government of India demonetized ₹500 and ₹1000 bank notes.
Categories: Biography
Source: vcmp.edu.vn