Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
India needed more specialists within government
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
The decisive election victory for the Narendra Modi-led National Democratic Alliance has created a conducive environment for policy actions and should help in economic recovery, Reserve Bank of India Governor Raghuram Rajan said on Tuesday.
There is also a lobby within the bureaucracy that wants to see Rajan's influence curtailed
The RBI governor says, Mahatma Gandhi is the only dignitary which can be featured on rupee notes.
The report further noted that inflation is expected to fall to 4.5 per cent by quarter ended March 2017.
The surge is a stark turnaround from 2013 when the country's current account gap hit a record high due to outflows on expectations the US Fed would rein in its stimulus programme
Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
India is more insulated to Fed-related volatility than other emerging markets due to its better economic fundamentals
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
After the screening, the shortlisted candidates will be vetted by an external committee, to be headed by former RBI governor, Bimal Jalan.
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.
'I often see people try to put down China.'
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
Payments banks are niche banks which will be allowed to function with several restrictions.
With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
He cautioned however that these are the early signs and one should not start celebrating.
"Now I get credit for the idea which actually I neither invented nor actually believed in," he said.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The aim of his visit was to explore how financial institutions can be co-opted in reviving the local economy.
Raghuram Rajan, said, the scourge of loan losses "had a tendency to increase, get too big to ignore, too late to manage, and push the system into crisis".
Investors believe Indian is a tough place to do business with.
Three members will be representatives from the government, and three from the RBI.
IT exporters were the top gainers amid a weak rupee along with select index heavyweights.
RBI's previous monetary policy was announced on September 29.
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
'Raghuram Rajan is a wonderful economist, but he is not a wonderful Indian economist.' 'He doesn't understand India in the granular form.' 'India exists only from Delhi to Nariman Point for him.' 'India is much, much bigger and complex.' 'The new RBI governor shouldn't get ready to open his umbrella when it rains in America'
He will presumably choose to remain true to the framework he has put in place.
Rajan announced a status-quo on interest rates.
'We will supply dollars in case of extreme volatility.'
The declining inflation and a negative industrial outlook have strengthened the case for RBI.
Rajan was speaking in Hyderabad at an interactive session at National Institute of Rural Development and Panchayati Raj.
The local currency had gained 10 paise to close at 63.51.
RBI governor also spoke on the ill effects of cutting interest rates too much
Indian capital markets joined the global sell-off sparked by China growth concerns
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