Urjit Patel navigates the most difficult year in RBI's history

Two months after he became governor, demonetisation invalidated 86% of bank notes in circulation

The governor managed FCNR redemptions & demonetisation, led RBI’s transition to inflation-targeting framework and institutionalised monetary policy decision making.

On his first day in office as the 24th governor of the Reserve Bank of India (RBI) on September 4, 2016, Urjit Patel kept things simple. Neither did he address the staff, nor did he entertain media requests to capture the handover ceremony from his predecessor, Raghuram Rajan.

One year after, and an eventful year at that, Patel hasn’t really opened up to bankers and the media as much as they would have liked him to. But he has not