The 52-year-old was named a deputy governor of the central bank in January 2013 by the UPA government. In January 2014, he headed the committee that suggested that the Reserve Bank should target consumer price index (CPI), and not wholesale price index (WPI) as the policy peg.
Early life and education
Born October 28,1963 Patel obtained his Bachelor’s in Economics from the London School of Economics [LSE, University of London], M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990. He was at IMF India desk during the 1991-1994 transition period. He was posted to IMF country mission in India 1992-1995. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
After obtaining his PhD, Dr. Patel joined the International Monetary Fund in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate. After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
Between 2000 and 2004, Dr. Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post.
Advisor, Boston Consulting Group
President, Reliance Industries Limited- 2015
Executive Director, Infrastructure Development Finance Company (1997-2006)
Member, Integrated Energy Policy Committee, Government of India (2004-2006)
Non-Executive Director, Gujarat State Petroleum Corporation Limited.
Non-Executive Director, Multi Commodity Exchange of India Limited
Deputy Governor, Reserve Bank of India
Governor, Reserve Bank of India (From 4th September, 2016)