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{{Short description|Indian economist}}
{{BLP sources|date=July 2018}}
{{Use Indian English|date=July 2015}}
{{Use dmy dates|date=July 2015}}
{{Infobox officeholder
| name = Urjit Patel
| image = Urjit Patel.jpg
| office1 = Chairman of [[National Institute of Public Finance and Policy]]
| term_start1 = 19 June 2020
| office2 = 24th [[List of Governors of Reserve Bank of India|Governor of the Reserve Bank of India]]
| term_start2 = 4 September 2016
| term_end2 = 10 December 2018
| predecessor2 = [[Raghuram Rajan]]
| successor2 = [[Shaktikanta Das]]
| office3 = Deputy Governor of [[Reserve Bank of India]]
| term3 = 11 January 2013 - 4 September 2016
| governor3 = [[Duvvuri Subbarao]]<br>[[Raghuram Rajan]]
| successor3 = [[Viral Acharya]]
| signature = Urjit Patel signature-en.jpg
| birth_name = Urjit Ravindra Patel
| birth_date = {{birth date and age|1963|10|28|df=yes}}
| birth_place = [[Nairobi]], [[Kenya]]
| alma_mater = {{nowrap|[[London School of Economics]] {{small|(BSc)}}<br/>[[Linacre College, Oxford]] {{small|(M.Phil.)}}<br/>[[Yale University]] {{small|(Ph.D.)}} }}
| profession = [[Economist]]
}}

'''Urjit Patel''' (born 28 October 1963) is an Indian economist, who formerly served as the [[List of Governors of the Reserve Bank of India|24th]] [[Governor of the Reserve Bank of India]] and also Deputy Governor of [[Reserve Bank of India]], looking after monetary policy, economic research, financial markets, statistics and information management. He resigned from his post on 10 December 2018, being the first RBI governor to state personal reasons as a driving factor for resigning.

Urjit currently serves as Chairman of [[National Institute of Public Finance and Policy]], additional director of [[Britannia Industries]] and independent director of [[John Cockerill (company)|John Cockerill India]].

==Early life and education==
Urjit Patel was born in [[Nairobi]] on 28 October 1963 to Manjula and Ravindra Patel.<ref name="Dr. Urjit Patel takes over as RBI Deputy Governor">{{cite web|url=http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=27952|title= Urjit Patel appointed Deputy Governor}}</ref><ref name=":0">{{Cite news|url=http://deshgujarat.com/2016/08/20/dr-urjit-patel-appointed-new-governor-of-reserve-bank-of-india/|title=Dr. Urjit Patel appointed new Governor of Reserve Bank of India|date=2016-08-20|work=DeshGujarat|access-date=2018-04-16|language=en-US}}</ref> His grandfather had migrated from [[Mahudha]] village in [[Kheda district]], Gujarat to [[Kenya]] in the 20th century. His father ran Rexo Products Ltd, a chemical factory in [[Nairobi]].

He studied in Nairobi at Jamhuri High School, and prior to that the Gujarati community-run Visa Oshwal Primary School. He studied at the London School of Economics for a Bachelor of Science degree in 1984. He obtained an M.Phil. degree from University of Oxford in 1986. He was conferred a Ph.D. in economics from [[Yale University]] in 1990. He was at IMF India Desk during the 1991–94 transition period.<ref name=":0" />

==Professional career==
After obtaining his Ph.D., Patel joined the [[International Monetary Fund]] (IMF) in 1990, where he worked on the US, India, Bahamas and Myanmar desks till 1995. Thereafter he went on deputation from the IMF to the [[Reserve Bank of India]] (RBI), where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, and targeting of [[real exchange rate]].

Between 2000 and 2004, Patel worked with several High-Level Committees at both Central and State Government levels:
* Task Force on Direct Taxes
* Prime Minister's Task Force on Infrastructure
* Group of Ministers on Telecom Matters
* Committee on Civil Aviation Reforms
* Expert Group on State Electricity Boards
* High-Level Expert Group on Civil and Defence Services Pension System
* Competition Commission of India
On 11 January 2013, Patel was appointed as Deputy Governor of RBI for a period of three years; he was appointed for another three-year term in January 2016<ref name="Dr. Urjit Patel takes over as RBI Deputy Governor"/>

On 20 August 2016, he was appointed as the governor of Reserve Bank Of India (RBI). During his tenure, the Government of India demonetised the ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series, with the stated intention of curbing corruption, black money, fake currency and terrorism from 9 November 2016.<ref>{{citation |title=Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi |url=http://indianexpress.com/article/india/india-news-india/narendra-modi-prime-minister-address-to-the-nation4364609 |work=[[The Indian Express]] |date=9 November 2016 }}</ref>

On 10 December 2018 at 17:15 hrs IST, Urjit Patel resigned from the post of Governor of the Reserve Bank of India (RBI) effective immediately.

==Controversies==
Although Patel cited personal reasons for resigning from RBI, experts have opined that he was forced to exit because of serious differences with the Government of India. The latter wanted more money from RBI to balance its fiscal deficit, which Patel did not agree to, citing requirement for long-term financial stability.<ref>{{Cite web|url= https://economictimes.indiatimes.com/news/economy/policy/heres-what-could-have-led-to-rbi-governor-urjit-patels-exit/articleshow/67026855.cms?from=mdr|title= Urjit Patel Resigns - Here are the reasons|date=2018-12-11|website=Economic Times|language=en-IN|access-date=2019-08-12}}</ref>

In addition, there was a view in the government that RBI's stringent policies were hurting credit growth which may affect the economic growth of the nation in the future. Chief Economic Advisor [[Arvind Subramanian]] said that while he respected the RBI’s decision, there was a “plausible alternative macroeconomic assessment” and that a monetary policy easing was required for economic growth.

There was also a growing perception that Patel had boxed himself into a corner by not communicating sufficiently with stakeholders or responding to market situation.

In August 2019 [[Nitin Gadkari]] fueled the controversy when he stated that he had advised the Union Finance Minister to remove the RBI Governor because the latter was inflexible and adamant.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/india/had-once-told-finance-minister-to-sack-rbi-governor-nitin-gadkari/articleshow/70635825.cms |title=Gadkari tells Finance Minister to sack RBI Governor|date=2019-08-12|website=Business Standard|language=en-IN|access-date=2019-08-12}}</ref>

However, on his departure, Prime Minister [[Narendra Modi]] and Finance Minister [[Arun Jaitley]] appreciated Patel for his work in RBI.<ref>{{Cite web |agency=TNN|date=Dec 11, 2018 |title=PM praises contribution of Urjit Patel, says will miss him - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/pm-praises-contribution-of-urjit-patel-says-will-miss-him/articleshow/67034905.cms |access-date=2022-06-22 |website=The Times of India |language=en}}</ref>

==Important positions==

* Nonresident Senior Fellow, [[Brookings Institution|The Brookings Institution]], Washington D. C. (2009-2012)
*Advisor, Boston Consulting Group
* President (Business Development), [[Reliance Industries]] (2007-2011)<ref>{{cite news|url=http://www.thehindu.com/business/Economy/Urjit-Patel-appointed-RBI-Governor/article14580496.ece | title = Urjit Patel appointed RBI Governor}} ''The Hindu'' 20 August 2016</ref><ref>{{cite news|url=http://timesofindia.indiatimes.com/business/india-business/Urjit-Patel-RBIs-inflation-warrior-with-corporate-background/articleshow/53788880.cms | title = Urjit Patel, RBI's Inflation warrior with Corporate Background}} ''The Times of India'', 21 August 2016</ref>
* Executive Director, [[Infrastructure Development Finance Company]] (1997-2006)
* Member, ''Integrated Energy Policy Committee'', Government of India (2004-2006)
* Non-Executive Director, [[Gujarat State Petroleum Corporation]]
* Non-Executive Director, [[Multi Commodity Exchange]] of India Limited
* Deputy Governor, [[Reserve Bank of India]] (11 January 2013 - 3 September 2016)
* Governor, [[Reserve Bank of India]] (4 September 2016 - 10 December 2018)

== Awards ==
* Recipient of the Wilbur Cross Medal, Yale University, October 2019. Citation from Dean's letter: "This award not only recognizes your work as the twenty-fourth Governor of The Reserve Bank of India, it is a testament to your achievements in public service and your many contributions to scholarship".
* Elected Honorary Fellow, Linacre College, University of Oxford 2019.

==References==
{{reflist}}

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{{Governors of Reserve Bank of India}}

{{DEFAULTSORT:Patel, Urjit}}
[[Category:1963 births]]
[[Category:Living people]]
[[Category:20th-century Indian economists]]
[[Category:Indian bankers]]
[[Category:Alumni of the University of London]]
[[Category:Kenyan people of Indian descent]]
[[Category:Alumni of the London School of Economics]]
[[Category:Alumni of Linacre College, Oxford]]
[[Category:Governors of the Reserve Bank of India]]
[[Category:Yale University alumni]]
[[Category:Alumni of Jamhuri High School]]
[[Category:21st-century Indian economists]]
[[Category:People from Nairobi]]
[[Category:Kenyan people of Gujarati descent]]
[[Category:Kenyan people of Asian descent]]

Urjit Patel - Revision history

Ajay Kumar: Created a new article