Smriti Srivastava
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.
