RBI reappoints deputy governor Urjit Patel
Patel, who was key to framing the monetary policy framework that RBI now follows, will continue to hold the same portfolio
Mumbai: The Reserve Bank of India (RBI) on Friday said in a release that Urjit Patel has been reappointed deputy governor for a further period of three years.
Patel was appointed deputy governor on 11 January 2013 and was key in framing the monetary policy framework which the central bank now follows.
As part of that framework, RBI moved towards using the Consumer Price Index as the nominal anchor for monetary policy.
This was followed by RBI becoming an inflation-targeting central bank. RBI now follows a flexible inflation target under which it intends to bring down inflation to 5% by 2017.
RBI will also move towards a monetary policy committee shortly, another suggestion made by its expert committee to revise and strengthen the monetary policy committee framework. Patel had headed that committee.
The reappointment of Patel will help bring continuity to monetary policy in the country.
RBI managed to undershoot its 6% inflation target for 2016. Consumer price inflation in November was at 5.4%.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!