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India reappoints Urjit Patel as RBI deputy governor
Indian government reappointed Urjit Patel, who helped to transform the way the country's monetary policy is set, as a Reserve Bank of India (RBI) deputy governor, signalling confidence in its management strategy. The new mandate, for a three-year term, had been expected and marks a vote of confidence in Governor Raghuram Rajan's efforts to overhaul how the RBI sets interest rates. Patel has run the monetary policy department since 2013 as one of the RBI's four deputy governors.
His reappointment also raise investors' hopes that Rajan will also be offered an extension of his own when his tenure ends in September.
Patel's three-year tenure was due to end. He will be reappointed with effect from Jan. 11, said RBI.Considered a close lieutenant to Rajan, Patel headed the committee that introduced landmark changes including a switch to inflation targeting and adopting consumer prices as the new barometer rather than wholesale prices.The changes are considered among the most significant since India opened its economy in 1991. Rajan, an academic and former chief economist at the IMF, is considered one of the most influential governors in the RBI's 81-year old history, building a significant profile abroad as a voice for emerging markets.