MUMBAI, Sept 5 - Urjit Patel who took over as the 24th Governor of Reserve Bank will has a tough task in maintaining the legacy of his predecessor Raghuram Rajan and balance the need to contain inflation without hurting growth.
Patel assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today. He was reappointed as deputy governor on January 11, 2016, after the completion of his first three-year term in office.
Ensuring undisruptive redemption totalling USD 20-25 billion, getting used to the idea of Monetary Policy Committee and bank cleanup are the main challenges before the new Governor.
Among his assignments as deputy governor, Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework.
�Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries,� RBI said. � PTI