New Delhi: Urjit Patel gets new responsibility – Former Governor of Reserve Bank of India Urjit Patel has been appointed as the Chairman of National Institute of Public Finance and Policy (NIPFP). The Economic Research Institute said that Patel will take up this position from 22 June. He will succeed Vijay Kelkar. Kelkar took over as the chairman of the institute on November 1, 2014.
NIPFP said in a statement, “We are delighted that former Reserve Bank Governor Urjit Patel is joining us as Chairperson of the institute for four years from June 22, 2020.” They have expressed their gratitude for this. The statement said that Kelkar made a big contribution in bringing the institute to the current level of growth and efficiency.
First governor who left post after 1990
Patel abruptly resigned as the governor of the central bank on December 10, 2018. He tendered his resignation before an important meeting of the central bank board. In this meeting, talks were to be done with the government on resolving the differences. Patel has been the first RBI governor since 1990 to bid farewell to the central bank before its term ends. He cited ‘personal reasons’ for his decision.
Patel’s three-year term was to be completed in September 2019. He was also eligible for a second term. Most Governors have been getting a second term. However, Patel’s predecessor Raghuram Rajan, who expressed his opinion from Babaki, did not get a second term.
Initially Patel was considered a man of government on Mint Street. But in less than two years, he broke his image and started raising his voice on the autonomy and independence of the central bank and now Urjit Patel gets new responsibility.
Patel belongs to a business family in Nairobi. He has studied at the London School of Economics, Oxford University and Yale University. He was a citizen of Kenya until 2013. He was appointed Deputy Governor of the Reserve Bank in January 2013. Before that he had taken Indian citizenship.