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Who was the 24th Governor of the Reserve Bank of India?
1. C Rangarajan
2. YV Reddy
3. Urjit Patel
4. Bimal Jalan

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Correct Answer - Option 3 : Urjit Patel

The correct answer is Urjit Patel.

  • Urjit Patel was the 24th Governor of the Reserve Bank of India from 4 September 2016 to10 December 2018.
  • He had also served as Deputy Governor of RBI from 11 January 2013 to 4 September 2016.
  • Presently he is the Chairman of National Institute of Public Finance and Policy (NIPFP) is an autonomous research institute under Ministry of Finance, Government of India.
  • Urjit Patel was the Chairman of Expert Committee to Revise and Strengthen the Monetary Policy Framework, appointed by RBI on September 12, 2013.
    • Expert Committee to Revise and Strengthen the Monetary Policy Framework:
      • Objective of the Committee is to recommend what needs to be done to revise and strengthen the current monetary policy framework with a view to, inter alia, making it transparent and predictable.
      • Suggestion: The Committee suggested a five-member Monetary Policy Committee (MPC) - three members from the RBI and two nominated by the Government. 
    • Presently the committee comprises six members - three officials of the RBI and three external members nominated by the Government of India.
      • The Governor of RBI is the ex officio chairperson of the committee
      • They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality". Decisions are taken by majority with the Governor having the casting vote in case of a tie.
      • The current mandate of the committee is to maintain 4% annual inflation until 31 March 2021 with an upper tolerance of 6% and a lower tolerance of 2%.

  • C Rangarajan was the 19th Governor of the Reserve Bank of India.
    • He had also served as Chairman of the Prime Minister's Economic Advisory Council, from August 2009 to May 2014.
    • He was the Chairman of the Twelfth Finance Commission of India.
  • Y V Reddy was the 21st Governor of the Reserve Bank of India.
    • He was the chairman of the Fourteenth Finance Commission of India.
  • Bimal Jalan was the 20th Governor of the Reserve Bank of India.
    • He has also been the Chairman of the Economic Advisory Council to the Prime Minister between January 1991 to September 1992. 

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