Monday, August 22, 2016
The Reserve Bank of India has a new governor
MUMBAI, Aug 20 (Reuters) - India's government promotedUrjit Patel, a deputy governor in charge of monetary policy at the Reserve Bank of India, to serve as its next governor for a three-year term, it said on Saturday.
Patel will replace Raghuram Rajan, a former International Monetary Fund chief economist who stunned financial markets in June by announcing he would step down in September and return to academia after a single three-year term at the RBI.
Patel, 52, headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the adoption of a panel to set interest rates. (Reporting by India Newsroom; Editing by Kim Coghill and Douglas Busvine)