Urjit Patel, a Deputy Governor at the RBI, was named as the next chief of India's central bank, yesterday, to succeed Raghuram Rajan
While everyone has been effusive in showering praise on Patel being chosen to succeed Rajan
Current set of changes in the top tier at the central bank make the next few weeks crucial and also interesting
Government on Saturday announced the appointment of Patel as the next Governor of RBI
Government announced appointment of Patel as the next Governor of Reserve Bank of India for three years
He also says that implementing a comprehensive GST should not be delayed
Fitch director Thomas Rookmaaker said Patel is well-positioned to further institutionalize policy changes
Under Rajan, RBI cut lending rates by 150 basis points since early 2015 while banks lowered by roughly half of that
Lower rates will help revive stalled projects
However, the Congress leader rues that Raghuram Rajan's exit will be a great loss
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
Finance Minister Arun Jaitley on Saturday exuded confidence that Urjit Patel would contribute to India's economic development as the next Reserve Bank of India (RBI) governor.
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
He further said his colleague has been continuously involved with RBI and has a clear opinion on all issues