Urjit Patel’s Success Journey From Narsimha Rao, Manmohan Singh to Narendra Modi

Urjit Patel

Who is Urjit Patel?

Know everything about Former RBI Governor, Urjit Patel including his education, book, committee, relation with Ambani, Net worth and more.

Urjit Patel is an Indian economist. He is a soft-spoken Gujarati who maintains a low profile. He was the 24th Governor of the Reserve Bank of India from 4th September 2016 to 10th December 2018.

Previously, he was appointed as an RBI Deputy Governor by UPA government. At that time, he looked after financial markets, statistics, monetary policy, economic research, and information management.

He was appointed as governor by NDA government. He was the fifth RBI governor to resign; he resigned on 10th December 2018.

Urjit will draw a salary of about Rs. 200,000 per month, besides allowances and benefits. He will be leading a team of more than 16,500 people.

He has an experience of more than 17 years that spans across the financial, energy and infrastructure sectors.

Patel was born on 28th October 1063 in Nairobi, Kenya to Manjula & Ravindra Patel. In 20th century, his grandfather migrated from Mahudha village in Kheda district, Gujarat to Kenya.

His father ran a chemical factory named Rexo Products Ltd in Nairobi. In Nairobi, he studied at Jamhuri High School, and prior to that the Gujarati community-run Visa Oshwal Primary School.

He studied at Loughborough Technical College also. At Queen Mary University of London, he was awarded Bachelor of Science degree in 1984.

In 1986, he obtained M.Phil. degree from University of Oxford. In 1990, he was awarded a Ph. D. in economics from Yale University.

He is considered as an eminent economist, banker & consultant. During 1990 to 1995, he worked on the Nahamas, USA, India & Myanmar desks at IMF.

He got married to Kanan Patel. In 1990, after obtaining Ph.D., he joined the International Monetary Fund (IMF).

Rumours are swirling that Urjit Patel’s wife Kanan is sister of Mukesh Ambani’s wife Nita Ambani. That’s not true.

The truth is that Urjit Patel worked as the President of business development in Reliance Industries Ltd. So Mukesh Ambani and Urjit Patel has only employer and employee relations.

Then he joined RBI India, there he played an advisory role in the development of the debt market, pension fund reforms, banking sector reforms & targeting of real exchange rate. 

Urjit Patel worked with several high-level committees at state & central govt. level during 2000 to 2004. Some of them are…

  • Committee on Civil Aviation Reforms
  • Task Force on Direct Taxes
  • High-Level Expert Group on Civil and Defence Services Pension System
  • Prime Minister’s Task Force on Infrastructure
  • Competition Commission of India
  • Group of Ministers on Telecom Matters

He was appointed as Deputy Governor of RBI for a period of three years on 11th January 2013. In January 2016, again he was appointed for another three-year term.

He was appointed as the governor of RBI on 20th August 2016. During his term, the Government of India demonetised the 500 and 1000 banknotes, with the stated intention of curbing corruption, black money, fake currency and terrorism from 9 November 2016.

He resigned from the post of Governor of the Reserve Bank of India (RBI) effective immediately on 10th December 2018.

He cited personal reasons for resigning from RBI. It is said that he was forced to exit because of serious differences with the Government of India.

Nitin Gadkari fired the controversy when he stated that he had advised the Union Finance Minister to “throw out” the RBI Governor because the latter was inflexible and adamant in August 2019.

Some other important positions that he held are bellow…

  • President, Business Development (Reliance Industries)
  • Non-Executive Director (Multi Commodity Exchange of India Limited)
  • Non-Executive Director (Gujarat State Petroleum Corporation)
  • Advisor (Boston Consulting Group)
  • Chief Policy Officer and Executive Director (Infrastructure Development Finance Company [IDFC]: 1997-2006)

He has also authored several technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change, as well.

It is said that, declined an offer to head the newly formed BRICS Bank in Shanghai to be with his mother, as well.

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