Former Reserve Bank of India (RBI) governor Urjit Patel has authored a book titled ‘Overdraft: Saving the Indian Saver’, which focuses on the issue of Non-Performing Assets (NPAs) that has affected Indian banking in recent years and also its causes. The book will be published by HarperCollins India and will be released by the end of July. He was born in Nairobi, Kenya on 28 October 1963
Key info about the book
i.The book highlights Urjit Patel’s efforts as the RBI governor in dealing with it, where he has explained the problem and how it exploded and also about how he would have resolved the issue if he had not been prevented.
ii.With his 30 years of experience in macroeconomics, he worked out the ‘9R’ strategy, which will save savings, rescue banks and protect them from unscrupulous racketeers.
Note– This book will be available from July 31 and the pre-order of the book has been started on Amazon.in.
About Urjit Patel
i.Currently he is appointed as the Chairperson of the National Institute of Public Finance and Policy (NIPFP), a research body under the control of the ministry of finance for a 4 year term on June 22, 2020,
ii.Prior to this he was the 24th Governor of the RBI. He took charge on September 5, 2016. He resigned in December 2018 before the end of his three-year term in September 2019, due to major differences with the government.
iii.He was appointed as Deputy Governor of RBI in 2013 for a period of three years. He began his career as an economist with the International Monetary Fund in 1990.
Important post held by him– Urjit Patel served as an advisor (Energy and Infrastructure) with the Boston Consulting Group. He was principal/deputy in the G-20 and BRICS Finance Ministers’ and Central Bank Governors’ groups from 2013 to 2018.
What is the 9 R strategy?
Refuse, Rethink, Reduce, Reuse, Repair, Refurbish, Remanufacture, Repurpose, Recycle, Recover
Currency– Kenyan shilling
President– Uhuru Kenyatta