Urjit Patel has been appointed the Reserve Bank of India (RBI) Governor.

Urjit Patel has been appointed the Reserve Bank of India (RBI) Governor.

"The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC)," a statement from the ACC said.

Mr. Patel has been serving as Deputy Governor of the central bank for more than three years. A panel under his chairmanship had proposed inflation-targeting and the setting up of a monetary policy committee.

Finance Minister Arun Jaitley on Thursday held an hour-long discussion with Prime Minister Narendra Modi over the appointment of a new RBI Governor, a post that will fall vacant on September 4.

Mr. Patel holds a Doctorate (Ph.D) in Economics from Yale University. He is also a graduate of the University of London and Oxford University. He is known as an expert on inflation and has also been with the IMF and the Boston Consulting Group.

In September 2016, Urjit Patel will take over as the 24th Governor of the Reserve Bank of India.

Here is a brief outline of his education and career so far:

• Born October 28,1963 Urjit Patel completed his BA from the London School of Economics [LSE, University of London], and M. Phil. degree from Oxford University

• Did his Phd in Economics from Yale University
• Worked at the International Monetary Fund in the U.S., India, Bahamas and Myanmar desks between 1990 and 1995.
• Deputed from the IMF to the RBI between 1996 and 97, during which period he advised on the development of debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market
• Served as a consultant to the Ministry of Finance, Department of Economic Affairs between 1998 and 2001.
• Between 2000 and 2004, he worked closely with several high-level Central and State government committees such as the Task Force on Direct Taxes, the Ministry of Finance, and the Secretariat for the Prime Minister’s Task Force on Infrastructure.
• Served as president of Business Development at Reliance Industries Limited from 1997 to 2006
• Before his appointment as Deputy Governor of RBI in 2013, he was an advisor on energy and infrastructure at The Boston Consulting Group.

Source: TH

Payment of Salary on 28th July instead of 29th July due to Bank Strike

Finance Ministry has issued orders regarding Payment of Salaries for the month of JULY-2016 on 28th July instead of 29th July, due to Bank Strike called by UFBU.

Strike deferred, banks to be open on Tuesday, Wednesday

New Delhi: Banks will be open and operations normal on Tuesday and Wednesday after a section of the public sector bank employees on Monday deferred their proposed two-day nationwide strike following the intervention of the Delhi High Court.

The nationwide strike, in protest against the proposed merger of SBI associates and privatisation of IDBI Bank, was scheduled for July 12 and 13.

However, with the interference of the Delhi High Court, the proposed strike has been deferred.

"In view of Delhi High Court restrain order our strike on July 12 and 13 stands deferred," All India Bank Employees' Association General Secretary C H Venkatachalam said.

Earlier, the employee union had announced to go on strike to protest against the proposed merger of SBI associates and privatization of IDBI Bank.

All India Bank Officers' Association and State Sector Bank Employees' Association had also announced their support to the strike.

The high court in its order on a plea of State Bank of Patiala and four other subsidiary banks of SBI restrained State Sector Bank Employees Association (SSBEA) and All India Bank Employees' Association (AIBEA) from proceeding ahead with the two-day strike till the next date of hearing.

The HC listed the matter for further hearing on July 20.

The five associate lenders of SBI are State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, State Bank of Patiala and State Bank of Hyderabad.

With PTI Inputs

Source:zeenews