The government appointed Urjit R. Patel as the new RBI Deputy Governor of the central bank. The government on Monday said that the new governor should be able to hold inflation within the target of 4 per cent.
Minister of State for Finance Arjun Ram Meghwal told reporters that, “His (Patel) appointment is the right decision and is in the interest of the country. Considering he has good experience in monetary policies and other areas, he should be able to contain inflation as per the amendments in the RBI Act.”
“He has to maintain a balance in growth and monetary policy, hope he will be successful in controlling inflation,” Meghwal added.
Economic Affairs Secretary Shaktikanta Das also welcomed the appointment of Patel as the 24th RBI Governor saying, “With his background in monetary economics, policies and other fields, I am sure he will rise up to the occasion and keep in mind the monetary policy and the inflation target that has now been laid out in the RBI Act.”
“He will also balance the requirement of growth which is mandatory according to the amendments in the RBI Act,” he added.
The main task of the central bank is to focus on inflation control, Patel is said to apppointed for his expertise in inflation control. The government appointed Urjit Patel on 20th August as the new Governor of the Reserve Bank of India (RBI) to succeed Raghuram R. Rajan.
Patel, a Deputy Governor since January 2013 and will take over as chief of India’s central bank on 4th September as Raghuram’s term will end on 3rd September.