RBI governor at the time of Demonetization?
VerifiedAnswer: Urjit Patel
Explanation:
Urjit Patel was serving as the Governor of the Reserve Bank of India (RBI) during India's historic demonetization announcement on November 8, 2016. This major economic decision involved the withdrawal of ₹500 and ₹1000 currency notes from circulation, affecting millions of citizens across the country.
Urjit Patel took charge as the 24th Governor of RBI on September 4, 2016, just about two months before the demonetization was announced. He succeeded Raghuram Rajan in this prestigious position. As the central bank's chief, Patel played a crucial role in implementing this unprecedented monetary policy decision alongside the government's directives.
The demonetization process required extensive coordination between the RBI and various stakeholders including banks, ATM operators, and financial institutions. Under Patel's leadership, the RBI had to manage the massive logistical challenge of replacing the old currency notes with new ones, ensuring adequate cash supply, and maintaining stability in the banking system during this transition period.
