In a low-key affair, Urjit Patel has begun his innings as RBI’s new governor with a private off-media ‘handover’ ceremony on Tuesday — a marked departure from his predecessor Raghuram Rajan announcing
In a low-key affair, Urjit Patel has begun his innings as RBI’s new governor with a private off-media ‘handover’ ceremony on Tuesday — a marked departure from his predecessor Raghuram Rajan announcing big-bang reforms on his first day itself three years ago.
Traditionally, the handover of charge by the outgoing governor to the new head of the central bank has been a public affair and had taken place in the past in front of media cameras.
This was also the case when Mr Rajan had taken over from his predecessor Mr D. Subbarao.
In contrast, Dr Patel officially assumed charge with effect from September 4 — a Sunday — itself, which was made public by RBI through a statement a day later.
However, the ‘handover’ took place on Tuesday, the first working day, because of ‘Ganesh Chaturthi’ holiday on Monday.
An RBI spokesperson said the photographs of the official ceremony of Dr Patel assuming office would be released later in the day by the central bank. There was no word on whether or when Dr Patel would be talking to media about his priorities and plan of action as head of Mint Street.
After assuming office on September 4, 2013, Mr Rajan had held a press conference lasting more than an hour during which he announced his detailed action plan.
Some commentators have already said that Patel ‘quietly’ assuming office could be a signal for the things to come at RBI, after the end of tenure for an outspoken Rajan at the helms, who was always vocal with his views on all issues and always pitched for greater communication on part of the central bank.
On his first day, Rajan had said he would emphasise on transparency and predictability.
