Urjit Patel Quotes

India, Economist
October 28, 1963

Urjit R. Patel is an Indian economist, who is currently serving as 24th Governor of Reserve Bank of India (RBI) since September 2016. Previously, as an RBI deputy governor, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information. Appointed by the Narendra Modi government, Patel succeeded Raghuram Rajan as RBI governor on 4 September 2016. He is the current governor of Reserve Bank of India.

Also known as Banker

The staff members of all banks have worked very hard, and we all owe them our gratitude.

Urjit Patel
- Gratitude
- Worked
- Banks
The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it is accommodative.

Urjit Patel

I think that it is important that one grows a thick skin fast in this business, and I think we have done that.

Urjit Patel
- Thinking
- Business
- Skin
Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.

Urjit Patel
- Tolerance
- Levels
- Target
If one sees far, structural changes that come with temporary disruptions can be growth - and efficiency-augmenting in the medium to long term.

Urjit Patel
Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to support a higher growth rate, but on a durable basis.

Urjit Patel
- Thinking
- Support
- Growth
I think it is important that we should be on the side of keeping borders open with respect to trade and movement of factors of production.

Urjit Patel
- To Be
- Trade
- Side
People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax.

Urjit Patel

Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.

Urjit Patel
Enhanced transparency has helped to reinforce the stability of India's financial system.

Urjit Patel
- Financial
- System
- India
There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense.

Urjit Patel
- Number
- Bank
- Verified
What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.

Urjit Patel
- Positive
- India
- Rate
It is easy and quick to fritter away gains regarding macroeconomic stability.

Urjit Patel
This is a once in a lifetime event. It is very rare to remove 86% of the currency in circulation in one go. The logistics of such an operation are mammoth.

Urjit Patel

We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.

Urjit Patel
Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation.

Urjit Patel
- Growth
- Inflation
- MPC