Former RBI Governor Urjit Patel has been given this important responsibility

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New Delhi, Friday 19 June 2020

Former Reserve Bank of India (RBI) Governor Urjit Patel has been given a new responsibility. Urjit Patel has been appointed as the Chairman of the National Institute of Public Finance and Policy (NIPFP).

Urjit Patel was previously held by Vijay Kelkar. Kelkar heard the post in 2013. Urjit Patel will take over as NIPFP chairman on June 7.

"We are pleased to announce that former Reserve Bank of India Governor Urjit Patel has been the Chairman of the Institute for four years from June 2, 2020," the NIPFP said in a statement.

The main objective of NIPFP is to contribute to policy making in areas related to public economics. The organization is headed by the Ministry of Finance. In addition to the Government of India, various state governments receive annual financial assistance.

In December 2015, Urjit Patel resigned as RBI governor before the end of his term. He resigned ahead of an important meeting of the central bank's board. The meeting was to discuss ways to resolve differences with the government.

Patel's three-year term was due to end in September 2018. He was the right person for a second term. However, Urjit Patel gave his personal reason for resigning. Following the resignation of Urjit Patel, Shashikanta Das was appointed as the Governor of RBI.

Questions were also raised over the decision to ban the notes

When Urjit Patel was appointed as the Governor of the Reserve Bank, the banknotes were banned within the next 3 months. Last year, it was revealed in the RTI that the RBI had warned the Modi government about the decision to ban banknotes. Indeed, the RBI does not agree with the argument that black money is transacted in cash.

The RBI believed that black money was invested in assets such as gold and real estate instead of cash. This information was given to RTI activist Venkatesh Nayak under the Right to Information Act. He posted this information on the website of the Commonwealth Human Rights Initiative (CHRI).

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