‘Inflation warrior’ Urjit Patel appointed to lead Reserve Bank of India

MUMBAI, Aug. 20 (UPI) — Urjit Patel, Reserve Bank of India’s deputy governor, was appointed to head the country’s central bank system with the hopes of continuing sweeping reforms.

Patel, known as the “inflation warrior” for his sweeping changes to the central bank, has been at the forefront of the bank’s largest reconstruction in nearly a century.

Patel oversaw the central bank’s plans to reduce inflation by using a consumer-price target range to determine monetary policy.

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Indian Prime Minister Narendra Modi promoted Patel to a three-year term which will begin in September.

Patel earned a doctorate degree in economics from Yale University, and holds a Master of Philosophy degree from Oxford.

“The appointment of Mr. Patel could signal to investors that the policies enacted by the RBI … are highly likely to continue for at least for the next three years,” said Chua Han Teng, an analyst at BMI Research.

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