What is Urjit Patel Committee?

By Ritesh|Updated : August 4th, 2022

Urijit Patel Committee was set up by the former governor of the Reserve Bank of India (RBI), Raghuram Rajan. The committee was primarily responsible for revising and strengthening the Monetary Policy Framework introduced by the RBI. Some key suggestions made by the committee include the following:

  • Control Inflation
  • Control Consumer Price Index (CPI)
  • Accountability of decision-making shall fall upon a majority and not an individual
  • Define a target for better implementation of decisions

Urjit Patel Committee

Urijit Patel succeeded Raghuram Rajan as the Governor of RBI and served from 4 September 2016 to 10 December 2018. Urijit Patel was made head of the Urijit Patel Committee by Raghuram Rajan to get recommendations and suggestions on improving the Monetary Policy Framework.

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FAQs on What is Urjit Patel Committee?

  • The Urijit Patel Committee was formed by former RBI Governor Raghuram Rajan to get suggestions on improving the Monetary Policy Framework. The committee recommended several improvements to the framework, including prioritizing controlling inflation, CPI, etc.

  • Urijit Patel served as the 24th Governor of the Reserve Bank of India (RBI). He is an Indian economist who was made head of the Urijit Patel Committee by former Governor, Raghuram Rajan. Urijit Patel, along with the committee, made several recommendations to the Monetary Policy Framework.

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