Urjit Patel to replace Subir Gokarn as RBI deputy governor

Urjit PatelEconomist Urjit Patel's name has been cleared for appointment as the new deputy governor of the Reserve Bank of India (RBI) succeeding Subir Gokarn, reports quoting a senior finance ministry official said today.

''Urjit Patel's name has been finalised,'' Reuters quoted D K Mittal, secretary at the department of financial services, as saying today.

Patel will replace Subir Gokarn, whose term as deputy governor ended on 31 December. Gokarn was heading RBI's monetary policy department, among others.

Prior to his appointment, Patel, a non-resident senior fellow at the US-based think-tank Brookings Institution, was an adviser to the Boston Consulting Group.

Patel has also been an executive director at IDFC, a private finance company.

RBI has four deputy governors, of which two are from the central bank itself and one is from the banking sector while the fourth is an economist.