Urjit Patel, who proposed inflation-targeting and monetary policy committee, gets three-year term as RBI's 24th governor
The very fact that Patel has been in RBI as a deputy governor worked in his favour because an outsider might take longer to get familiar with RBI's functioning
The new central bank boss is an inflation warrior
When Rajan chooses to respond to a query, which is the norm rather than the exception, the responses are sprinkled with interesting anecdotes to drive home the point
The mergers will dwarf ICICI Bank assets to just one-fourth of SBI; catapult the bank into top 50 banks globally
Says industry and business must pay taxes which is due, repay loans taken from banks for economy to function
FM also says I'm sure Patel will successfully lead RBI
He said it will be utter 'idiotic' to think he will attack Patel because he was born in Kenya
The industry has welcomed the decision of the government to give the job to an insider who headed a committee on monetary policy reforms
His immediate task will be to ensure redemption of $20-25 bn of FCNR(B) deposits in the coming months remain undisruptive
He'll start his three-year term on Sept 4; seen as a close lieutenant to Rajan, Patel will now get to implement the policies he had helped shape
Murthy said Patel should continue with what Rajan started in terms of balancing growth and inflation
Mundra further said his colleague Patel has been continuously involved with RBI and has a clear opinion on all issues
He further said his colleague has been continuously involved with RBI and has a clear opinion on all issues
Proposal to be considered by the board of directors at a meeting on Monday
He would be the 24th Governor of RBI, he also had an experience at IMF
Rajan succeeded in halving inflation rate from the double digit levels prevailing when he took over and also persuaded the govt to adopt inflation targeting
Redemption of FCNR(B) deposits, inflation, PSBs' capitalisation are among the immediate challenges