Gangwar hails Patel's appointment as RBI Guv, says he is 'deserving'

Bareilly (Uttar Pradesh), Aug. 21 (ANI): Hailing the appointment of Urjit Patel as the 24th Governor of the Reserve Bank of India (RBI), Minister of State for Finance Santosh Gangwar today said Patel has proved his competence during the United Progressive Alliance (UPA)-2 government, and has been appreciated all through. "His appointment as the RBI Governor was a much-awaited decision, the discussion on which was going on since long. The new governor is obviously experienced and deserving. According to my knowledge, he was elected as the spokesperson during the UPA-2 government and his work was duly appreciated," he told ANI. "Now, when the country is moving on the path of economic progress, this decision will bring more direction to the economy. India is making continuous development among progressive and emerging countries and getting recognised as a country with strong economy. We will try to move ahead in a more positive direction," he added. Continuing Patel, he said seeing his past records and work done by him, it is definite that he will for sure work in a way that will be beneficial to the Indian economy. The Government on Saturday appointed Urjit R.Patel as the new Reserve Bank of India (RBI) Governor. Patel, who is currently serving as the Deputy RBI chief, will succeed Raghuram Rajan as the RBI chair once he steps down on September 3 after his term comes to an end. Dr Rajan surprised everyone with a letter to RBI staff announcing his decision to return to academics and not be available for a second term. "The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr. Urjit Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. 4-9-16," the press statement issued from the finance ministry said. "The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments (FSRASC) headed by Cabinet Secretary," the statement added. The committee undertook an extensive exercise to suggest a panel of names to the ACC. One of the RBI's four deputy governors, Patel, 52, was reappointed in January for another three years. He has run the central bank's monetary policy department since 2013. Patel obtained his BA 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 joined IMF as a Kenyan citizen. 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. (ANI)