Smriti Srivastava


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

New Delhi: Urjit Patel is the first RBI governor to be chosen by Prime Minister Narendra Modi. Patel has run the RBI's monetary policy department since 2013.


He headed a panel that recommended landmark changes in the monetary policy formulation of the central bank. He is also considered a 'hawk' on his monetary policy stance.


Below are the landmark decisions of Urjit Patel during his year-long tenure


September 2016


• Assumes charge on September 5, 2016 as 24th RBI Governor



October 2016


• Cuts Repo Rate, the RBI's key lending rate by 25 basis points in Maiden Monetary Policy


• Becomes first governor to chair a six member monetary policy commitee.
 


November 2016


• Prime Minister Narendra Modi announced Demonetisation of Rs 500 and Rs 1000 currency notes.


• Patel oversees the world's largest Currency Recall Exercise.


• Printing of new Rs 2000 and Rs 500 notes took place.
 


December 2016


• In a Hawkish move, RBI keeps Repo Rate unchanged at 6.25 percent.


• RBI says Rs 12.44 lakh crore worth of banned Rs 1000 and 500 notes returned as of December 10, 2016


• Urjit Patel heckled by congress workers in Kolkata.
 


January 2017


• Patel tells parliamentary panel that deposited demonetised currency notes are still being counted.



February 2017


• Keeps repo rate unchanged and changes stance to a hawkish ''Neutral'' from ''Accomodative''.



March 2017


• RBI lifts restriction on ATM cash withdrawal.



August 2017


• Cuts Repo Rate by 25 basis points.


• Tells parliamentary panel that returned notes are still being counted.


• Introduces new Rs 200 note.


• Only Rs 16,000 crore demonetised notes remained unreturned, says RBI Annual Report.


• 99% of banned Rs 500/100 notes worth Rs 15.28 lakh crore back in system, says RBI.