Patel checks in as RBI Guv

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Urjit Patel, RBI Governer, RBI
The 52-year-old Urjit Patel’s appointment as the 24th RBI Governor has been effective from Sunday, though his first working day could be September 6, due to September 4 being a Sunday and September being a holiday for Ganesh Chaturthi.
A number of corporate leaders and bankers who have previously worked with Patel, including during his tenure as RBI’s Deputy Governor and earlier on boards of some companies, said he is expected to show “much better understanding” of the problems the companies and banks are facing due to the central bank’s AQR (Asset Quality Review) directive.
Some are even hopeful that the AQR regime may actually see some change, though Rajan kept on repeatedly saying in his last days at RBI that the process should be completed by March 2017, a target he had set for cleaning up of the banks’ balance sheets.
With public sector banks accounting for a large portion of the bad loans, the clean-up exercise has raised heckles of many in the government as well, though not many have been public with their views, fearing adverse commentary.
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