SEAnews 2016-08-31 ArtNo.45832

【New Delhi】Urjit R. Patel (52) was appointed on the 20th of August as the 24th Governor of the Reserve Bank of India for a period of three years with effect from September 4 this year.
　"The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC)," a statement from the ACC said.
　The selection of Patel as new governor of RBI should come as no surprise considering that the monetary policy framework, based on which the central bank would function, is based on recommendations of a committee headed by Patel. Patel was Responsible for RBI’s report on switching to retail inflation targeting. He is also in charge of the crucial monetary policy department. A PhD from Yale University and an M. Phil from Oxford University, he has also worked with the International Monetary Fund and has experience in energy and financial sectors too. Prior to his appointment as the Deputy Governor of the RBI, Patel was Advisor (Energy and Infrastructure) at The Boston Consulting Group.
　The incumbent RBI Governor Raghuram Rajan demits office on September 3. 53-year-old Rajan, who was among the youngest to become RBI Governor three years ago, earned a reputation of fighting inflation that also led to criticism by some quarters including by BJP MP Subramanian Swamy, but it was Patel who was known as the ‘inflation warrior’ of the former IMF Chief Economist during his tenure at the Mint Street.
○BBB should appoint top executives in state-run banks: Raghuram Rajan

【New Delhi】Outgoing Reserve Bank of India (RBI) governor Raghuram Rajan emphasised on improving governance in public sector banks and said the task of appointing top executives and non-official directors in these entities should be left to the Bank Board Bureau (BBB).
　The government, at present, appoints the chief executive, executive directors as well as other board members. Mr. Rajan’s suggestion is in line with the PJ Nayak committee proposal, which was set up by the RBI to look into the issue of governance in Indian banks.
○Raghuram Rajan for freeing up PSBs

【New Delhi】Reserve Bank of India (RBI) governor Raghuram Rajan on the 16th of August stressed the need for public sector bank (PSB) boards to be given more freedom to chalk out their strategies.
　The outgoing governor also spoke in favour of differentiated banking, saying that as banks get cleaned up, and their boards are strengthened, their boards should focus on an appropriate structure as part of an overall rethink on strategy. Rajan also proposed that senior bankers take responsibility for loan proposals even while committees took the final decision to sanction the credit.
【News source】

Urjit Patel appointed as next RBI Governor

Urjit Patel appointed as new RBI governor

Urjit Patel becomes 8th Deputy to be appointed Governor at RBI

Urjit Patel appointed RBI Governor

BBB should appoint top executives in state-run banks: Raghuram Rajan

Raghuram Rajan for freeing up PSBs

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