The Government appointed Urjit Patel, Deputy Governor of the Reserve Bank of India (RBI) as the new RBI Governor succeeding Raghuram Rajan. This decision is with a chorus of support by the media, by financial assets and by directors of enterprises. They agreed that the real man got the job.
ACTUALLY, WHO IS NEW RBI GOVERNOR?
The Premiere Club in Nairobi, Kenya, is celebrating over the selection of Urjit Patel as the new RBI Governor.
Seniors of the club, a bulk of them ruling Patel businessmen, everyone wondered how a normal person-Ravindra Patel son, who holds a chemical business in Kenya will soon command India’s central bank.
“Ravindra and his wife Manjula holds a chemical factory- Rexo Products in Nairobi. Umakant Patel, President of Premiere Club shared his delight saying, ” It feels excellent to appreciate his son Urjit. He sometimes comes for a morning hike along with his father at the club, but now he is RBI governor”.
DIFFERENT SCHOOLS, SAME SCHEDULES
MUMBAI: A panel of debt fund directors and bond dealers at an ET Markets Roundtable said, ” The new RBI Governor, Urjit Patel may have the chance to reduce specified interest charges. Maybe by half a percentage point in the following few quarters as inflation estimation leaning below”. But the sum of cash he makes open in the trading system will be more severe than price slices. It is impossible for any dramatic turn in financial policy stands under Patel”.
“We see the change of the Governors more as a change in school,” said Lakshmi Iyer, chief investment officer, debt, at Kotak Mutual Fund. “If we are SSC first and then moving to ICSE or from ICSE to IB, there is a tremendous difference. Whereas, here is about the change of school with the same curriculum.”
SIGNS OF PRIVATE INVESTMENT RETURN
Debt market experts dropped their fears that Patel could become more hawkish in his opinion on interest rates that he sees them as the most influential weapon in the fight against inflation. Instead, they said, ” Rajan served in the way that both government and investors have become complacent with his approach. We hope the same with Patel that he may continue to lead the RBI with the same principle.
PATEL REALLOCATED PORTFOLIOS
MUMBAI: On his first day of duty , The new RBI governor Urjit Patel reallocated portfolios. He did it among the three Deputy Governors of the central bank.
Patel consigned the financial market operations department, monetary policy department and department of economic policy and research to the superior most Deputy Governor R Gandhi who is also newly appointed to the Securities & Exchange Board of India(SEBI).
Among the three current Deputy Governors, Patel divided the ten departments he held as deputy governor . Gandhi will also be in the administration of coordination within the RBI holding all the departments under his control.