Urjit Patel Appointed Governor of the Reserve Bank of India

Urjit Patel (pictured on the right) was named Governor of the Reserve Bank of India after the current Governor Raghuram Rajan’s abruptly announced his departure.  This came as a surprise to many, especially his fans in the investment community.

RaghuramRajan welcomed the appointment of Urjit Patel as his successor, saying it would ensure continuity in meeting the country’s inflation objectives.  Patel, currently a deputy governor at the RBI, will replace Rajan at the helm of the central bank on September 4.

“I am confident that Urjit Patel, who has worked closely with me on monetary policy for the last three years, will ably guide the Monetary Policy Committee going forward in achieving our inflation objectives,” Rajan said in a speech to market participants in Mumbai.

Source: Business Standard  

Editorial Comment: In 2014 someone wrote about Rajan: “A Global Financial Guru Who Predicted the Crisis of 2008 Says More Turmoil May Be Coming.”  Perhaps following his rather abrupt resignation one could surmise that he probably knows more than we do.