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<keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> has been appointed the next Reserve Bank of India Governor. 52 year Patel was the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Deputy Governor prior to this elevation. Notably, <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>'s term is ending in September. 
 
Patel (born 28 October 1963) is an eminent economist, consultant and banker. He was also Advisor of the Boston Consulting Group. 
 
As Deputy Governor of RBI, Dr Patel looked after Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.

Urjit R Patel to replace Raghuram Rajan as the New RBI Governor

When <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> handed over the baton to Urjit Patel, he also transferred in totality the bed of roses and crown of thrones from his share at the top of India’s federal bank. 
 
Newly-inducted RBI Governor Urjit Patel will have to deal with a slew of challenges. 
 Patel has already focussed on the <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> (MPC), that determined interest rates to meet <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> target. 
 
It is largely understood and as experts including former RBI Gov Duvvuri Subbarao have maintained, the new governor's legacy will be determined by how he institutionalises the monetary policy framework, in particular the protocol and conventions he establishes for the functioning of the monetary policy committee and how he manages inflation targeting at a time the growth-inflation tension is baring its fangs. 
 
Here is an overview of expectations that Patel will have to meet: 
 
1. Interest rate: After assuming office, the first task in front of the <keyword id="3449589" type="UNKNOWN" weightage="20" keywordseo="new-rbi-chief">new RBI chief</keyword> will be taming inflation and cutting down the interest rates at the same time to ease liquidity into the system. Patel will have to walk the tightrope, keeping the Centre’s interest in consideration of stimulating growth in the country and fighting an obstinate inflation. 
 
2. Banks clean-up: This was one of the major initiatives taken by Rajan and he will have to push the Indian banking sector to clean up their balance sheets and reduce bad debt. 
 
3. Inflation: It will be challenging to achieve the 4 per cent inflation target when commodity prices start rising. The idea is to bring inflation down to 5 per cent by January 2017 and eventually keep it between 2 per cent and 6 per cent. 
 
4. Monetary Policy Committee (MPC): Patel will be the new governor to make his policy stance under the new framework of the Monetary Policy Committee. This should not be a problem with him as he is close to Modi. 
 
5. Foreign Currency Non-Resident: The new governor will have to address the FCNR outflows on the Indian Banking system which is at the nascent stage. 
 
(Image: Indiatimes)

RBI Governor Urjit Patel has to tackle 5 main challenges

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> and his deputies have got a big pay hike with the government more than doubling their basic salary to Rs 2.5 lakh and Rs 2.25 lakh per month, respectively, according to a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
 
The "basic pay of the Governor and Deputy Governors" has been revised retrospectively with effect from January 1, 2016 and marks a huge jump from Rs 90,000 basic pay so far drawn by the Governor and Rs 80,000 for his deputies. 
 
Still, their salaries are much lower than the top executives of various banks regulated by the RBI. 
 The monthly emoluments of these top RBI officials include 'basic pay', dearness allowance and 'other payments', which totalled Rs 2,09,500 in case of <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> as on November 30, 2016, as per the latest information disclosed on the RBI website. 
 In response to a query by PTI under the Right to Information (<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword>) Act, the central bank has now disclosed that as per a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> communication, dated February 21, the basic pay of the Governor and Deputy Governors have been revised. 
 
Following the revision, the basic pay of the Governor stands increased to Rs 2,50,000 per month while the same for a Deputy Governor would be Rs 2,25,000, RBI said. 
 
The pay hike is "with effect from January 1, 2016". 
 
Dearness Allowance would be notified by the central government from time to time while "all other allowances (are) to be paid at existing rates as if the pay has not been received with effect from January 1, 2016," the RTI reply said. 
 
The RBI, however, did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. 
 
With the earlier basic pay of Rs 90,000, Patel got a DA of Rs 1,12,500 and 'other payments' of Rs 7,000 -- totalling to a gross pay of Rs 2,09,500. The increase in the basic itself would take his gross pay to nearly Rs 3.70 lakh. 
 Patel, who took over the reins of the central bank in September 2016, had received a salary of Rs 2.09 lakh in October -- the first full month in office. This amount was same as drawn by his predecessor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> in August that year. 
 <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> assumed RBI governorship from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was raised to Rs 2.09 lakh from Rs 2.04 lakh in January 2016. 
 
It was not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay for Governor has been revised retrospectively while covering little more than nine months of his tenure. 
 Currently, RBI has four deputy governors -- R Gandhi, S S <keyword id="66822" type="CITY" weightage="20" keywordseo="Mundra">Mundra</keyword>, N S <keyword id="260413" type="PERSON" weightage="20" keywordseo="Vishwanathan">Vishwanathan</keyword> and Viral V Acharya. 
 
At the end of November last year, Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month. Acharya took charge in January this year.

Here’s how much RBI governor
Urjit Patel will earn now after salary hike

With the <keyword id="6380684" type="UNKNOWN" weightage="100" keywordseo="cash-Crunch">cash crunch</keyword> situation easing, <keyword id="50847" type="CITY" weightage="100" keywordseo="Reserve-Bank">Reserve Bank</keyword> may do away with the weekly withdrawal limits from banks as well as ATMs by the end of next month, bankers said. 
 The <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> had recently raised the ATM withdrawal limit to Rs 10,000 a day but maintained the weekly cap at Rs 24,000 for saving account and Rs 1 lakh for current account holders. 
 
 "I think the restrictions on withdrawal by RBI should be completely lifted by February-end or by first half of March as cash situation is easing gradually," Bank of Maharashtra executive director R K Gupta told PTI. 
 
It is entirely RBI's decision and the central bank would decide after making holistic assessment of the situation, he said. 
 
According to SBI's research report Ecowrap, "By the end of February, 78-88 per cent of the currency could be back in the system under he best case scenario in terms of an optimal currency distribution (more small denomination notes)," the report said, adding that "it seems within next 2 months things would be pretty close to normal." 
 
Another senior public sector bank official said the situation is easing and it is a matter of weeks when the curb on withdrawal gets eased. 
 
 "My hunch is that it should happen before end of the current fiscal," the official said, adding, RBI has been progressively easing the curb. 
 The RBI had earlier increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 effective January 1, just a day after 50-day <keyword id="3315394" type="UNKNOWN" weightage="100" keywordseo="demonetisation">demonetisation</keyword> period ended. 
 Meanwhile, RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> could not set a time frame before the Standing Committee on Finance for return of normalcy in the banking system even as central bank asserted that Rs 9.2 lakh crore or 60 per cent of demonetised currency has been replaced.

Good news! Cash withdrawal restrictions likely to go away by February-end

Government has appointed three academics as members of interest-rate setting <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> - Indian Statistical Institute professor <keyword id="6638266" type="UNKNOWN" weightage="20" keywordseo="Chetan-Ghate">Chetan Ghate</keyword>, Delhi School of Economics director <keyword id="3678398" type="PERSON" weightage="20" keywordseo="Pami-Dua">Pami Dua</keyword> and Ravindra H Dholakia of IIM-Ahmedabad. 
 
The three experts have been appointed for a period of four years. We will tell you all about the three academicians in a slideshow below, but before that here’s a little bit about the other members who will be a part of the committee. 
 The other three members will come from the Reserve Bank of India and will include <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword>, Deputy Governor R. Gandhi, who is in charge of the monetary policy, and Executive Director Michael Patra. Urjit Patel will have a casting vote in case of a tie in the six-member committee. 
 
Setting up of the panel will bring about a landmark change to how central bank decisions are made in the country. It represents a marked change to monetary policy, which was previously decided solely by the RBI Governor. Instead, the Monetary Policy Committee will now strive to ensure that the inflation target decided by the government and the central bank is met. The RBI has the mandate to contain retail inflation within a band of 4%, plus or minus 2 percentage points. 
 
The MPC is slated to sit for its first monetary policy review on 4 October. 
 
Now, more about the academicians who will be deciding the Monetary Policy of India:

These 3 Professors are in the team that will decide India's Monetary Policy

Mumbai, Jul 5 () Urjit Patel, whose stint as the head of the central bank was one of the most tumultuous in recent times that ended with the rare event of an RBI Governor resigning, will be releasing a book later this month, his publishers have said. Titled 'Overdraft: Saving the Indian Saver', the book focuses on the non-performing assets (NPAs) issue that has afflicted Indian banking in recent years, its causes and Patel's efforts as the RBI Governor in dealing with it. "Urjit Patel invests his thirty years of macroeconomic experience in building strategies to protect our banks from unscrupulous racketeers, ultimately aimed at saving our savings...," publisher HarperCollins India tweeted. Patel's book description says that sovereigns do not need to earn or save before spending money. They can either print or borrow. "…in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results - inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. "After centuries of ruinous experiences, some governments learnt, others haven't, to control themselves, create self-governing Central banks and let them manage money and regulate banks," it says. The issue of unsustainable bad debts started as a trickle in 2015 and then became a "flood", it said. "In the forefront were some of India's largest government banks, and a series of tycoons who were running their empires on unpaid debts." Patel worked with a '9R' strategy which would protect depositors' savings, rescue the banks and protect them from "unscrupulous racketeers", it says. Books or memoirs written by two of his immediate predecessors -- Raghuram Rajan and D Subbarao -- had shed light on various subjects like the RBI's autonomy, interest rates or its stance on demonetisation. Patel, under whose governorship the note ban was carried out, surprised all by resigning from the RBI in December 2018. The resignation came at a time when relations between the government and the RBI had soured, with the former threatening to invoke a never-before used clause to give directions to the central bank. The RBI under Patel was reportedly averse to the government's wishes on getting extra capital held by the central bank, restructuring loans to small businesses and providing liquidity support to the troubled non-bank lenders. Patel's resignation was followed by a long period of absence from public gaze. However last month, in a surprise move, he was appointed as the chairman of the Ministry of Finance-run think-tank NIPFP. Deputy governor Viral Acharya, who gave a strong speech asserting RBI's autonomy and warned the government of the "wrath of markets", also quit ahead of the completion of his term. Patel was seen as very strict on the issue of NPAs and governance at banks, especially the private sector ones, where the RBI replaced the heads of ICICI Bank and Axis Bank, and started probing Yes Bank more closely. The RBI had begun a thorough asset quality review (AQR) to find out the hidden stress on banks' books when Patel was a deputy governor and he carried forward the same work. Patel's book will be released by the end of July, as per a book selling website. AA ABM ABM

Former RBI governor Patel pens book on dealing with NPA issue

Mumbai, Mar 31 () N S Vishwanathan, the senior-most deputy governor of the Reserve Bank, demitted office three months ahead of his extended tenure on Tuesday on health grounds after serving the nation's monetary authority for 39 years. His departure comes at critical time for the central bank and also for the country given the crisis arising from the Covid-19 pandemic. Citing deteriorating health, the 62-year-old Vishwanathan had on March 6 requested the central bank to relieve his from duties by the end of the month. With this, he becomes the second deputy governor to leave under Shatikanta Das who took over as the governor in December 2018. Deputy governor Viral Acharya left in June 2019, six months ahead of his tenure. In his farewell note sent to colleagues and the rest of the RBI family, Vishwanathan said, "For someone who has been with the Bank for nearly 39 years, the thought that I would, in a couple of hours from now, become an 'ex-RBI official' leaves a very eerie feeling. I am at the same time elated because there is still 'RBI' in that term." Vishwanathan, born in June 1958 in a middle-class Kerala family, did his Masters in economics from the Bangalore University. He joined RBI as a Grade B officer in November 1981 and went to become the deputy governor on June 28, 2016 under Governor Raghuram Rajan. He was heading the all-important department of banking supervision, and replaced H R Khan. Vishwanathan went onto serve the bank under governors Urjit Patel and Shaktikanta Das and was given a one-year extension last year till July 3, 2020. He was a director on the board of Punjab National Bank from September 2012 to May 2013, a nominee director at Dena Bank from May 2011 to September 2012 and chief general manager of vigilance at IFCI. In April, he became an executive director of the Bank. He was also a director of supervision at the Bank of Mauritius, the central bank of the island nation. Admitting that there have been moments of disappointments, misses and frustration, Vishwanathan however said "high points have, outnumbered, outclassed and outlasted the low points, by far", as per the farewell note seen by . Describing RBI is an outstanding institution, he said he has seen the bank scaling new heights and thus growing in stature over the years. had on March 7 reported that the Reserve Bank had accepted Vishwanathan's request to be relieved by March 31, even though, despite ill health, he was planning to serve the bank till end-April, but his deteriorating health did not allow him to. Vishwanathan has been in-charge of the key supervisory and regulatory functions at the Mint Road and it was this powerful position that led the government to offer him an extension given the problems in the banking system. The RBI's supervisory and regulatory powers came under criticism after IL&amp;FS, one of the largest NBFCs, went belly up in September 2018. And then came the scam at the city-based PMC Bank in September 2019. Both incidents dented the image of RBI's regulatory prowess. As deputy governor, Vishwanathan was heading the departments of banking regulation, co-operative banking regulation, non-banking regulation, Deposit Insurance &amp; Credit Guarantee Corporation, the financial stability unit, and departments of inspection, risk monitoring and also the secretary's department. An RBI observer said his departure will pose a challenge for the central bank to navigate the key supervisory and regulatory functions in one of its most difficult times. He was one of the key supporters for governor Patel in getting the crippled state-run banks under prompt corrective action framework, as also sending the largest defaulters for bankruptcy through the February 2018 circular, struck down by the Supreme Court last April. BEN SHW ABMABM

After 39 years, Vishwanathan leaves RBI due to ill-health

The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) will transfer surplus profit of Rs 65,876 crore to the Indian government. RBI follows the July-June accounting year. 
 
The amount is Rs 20 crore less than the previous year as last year the surplus profit was Rs 65,896 crore. 
 
"The (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India," the central bank said in a statement. 
 The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, which was chaired by outgoing Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>. 
 
The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the Reserve Bank. 
 
It also discussed the draft Annual Report of the Reserve Bank for the year 2015-16. 
 
Besides Deputy Governors Urjit R Patel, R Gandhi, S S Mundra and N S Vishwanathan, the other Directors of the Central Board were present at the meeting. 
 
The meeting was also attended by Government nominee Director Shaktikanta Das, Secretary, Department of Economic Affairs. Arvind Subramanian, Chief Economic Adviser also attended the meeting.

RBI will transfer Rs 65,876 crore surplus profits to government, lower from last year

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C04WN5XZ3KPL&amp;SMLS=1&amp;RW=1357&amp;RH=885">Shailesh Andrade/Reuters</a>Minister of Finance Arun Jaitley (L) and outgoing Reserve Bank of India Governor Raghuram Rajan (R)</div></div></div>Raghuram Rajan, the governor of the Indian central bank, <a href="http://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">announced last weekend</a> that he will be stepping down in September at the end of his first term - an abrupt decision that took the Indian government by surprise.The announcement also unsettled investors and the market, and <a href="http://www.businessinsider.com/fx-markets-june-20-2016-6">the rupee tumbled</a> following the news. Now comes the speculation about who will be the next Reserve Bank of India (RBI) governor - and what the potential risks and implications of each are. The Times of India reports that the government has already <a href="http://timesofindia.indiatimes.com/business/india-business/Government-shortlists-4-candidates-to-succeed-Raghuram-Rajan-as-RBI-governor/articleshow/52935959.cms?">narrowed the list of candidates</a> down to four - a current deputy governor of the RBI, two former deputy governors, and the chair of the State Bank of India. The current deputy governor, Urjit Patel, represents the smoothest transition and is the least risky choice, according to a new report from Capital Economics. In general, an appointee with experience at the RBI would provide the most continuity, and Patel's history would be regarded the most positively by the markets.Arundhati Bhattacharya, on the other hand, is the chair of the State Bank of India - the only candidate currently working in the banking sector as well as the only female candidate. Her appointment would involve more uncertainty about how closely aligned the bank would be with Rajan's current monetary policy views, which could be risky for financial markets.The biggest threat to India's markets, according to the Capital Economics report, is the autonomy of the RBI, as there have been concerns over the past 18 months that the government is attempting to rein in the RBI's independence. High-ranking officials have criticized Rajan for keeping interest rates too high and have called for rate cuts. If the new governor were to cut rates suddenly, or compromise the RBI's independence from the finance ministry, markets could react badly.The fact that the list of candidates is made up of economists, as opposed to government officials, sends a reassuring message to the markets. <a href="http://economictimes.indiatimes.com/news/economy/policy/government-likely-to-appoint-an-economist-to-succeed-raghuram-rajan-as-rbi-governor/articleshow/52930512.cms">The Economic Times wrote that</a> "The government feels appointing an economist will send a strong signal to the international community and address concerns over the RBI's monetary policy independence." The successor is expected to be announced in the next month, putting an end to the speculation and hopefully restoring the market. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-plucking-nose-hairs-can-cause-lethal-infections-2016-6">There's a 'danger triangle' on your face that could kill you if you're not careful</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5hbDg1NDE6VPzJFT9U12Yu26BsdIvnPg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Urjit R Patel" and got 9 results

Urjit R Patel to replace Raghuram Rajan as the New RBI Governor

Anushree Singh

RBI Governor Urjit Patel has to tackle 5 main challenges

Akanksha Jain

Here’s how much RBI governor Urjit Patel will earn now after salary hike

BI India Bureau

Good news! Cash withdrawal restrictions likely to go away by February-end

BI India Bureau

These 3 Professors are in the team that will decide India's Monetary Policy

Anushree Singh

Former RBI governor Patel pens book on dealing with NPA issue

PTI

After 39 years, Vishwanathan leaves RBI due to ill-health

PTI

RBI will transfer Rs 65,876 crore surplus profits to government, lower from last year

BI India Bureau

The Indian government has to find someone soon to replace the head of the central bank

Chloe Pfeiffer

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