2024-07-04 07:57:31
New Delhi: Britannia Industries Limited has appointed Reserve Bank of India (RBI) Governor Urjit Patel as its new independent director. This appointment will be valid for 5 years from 2 July 2024. After this news, Britannia shares saw a rise of 1%. By the time the stock market closed, it reached Rs 5457.50 per share. On Wednesday, Britannia Industries Limited issued a statement announcing that it has appointed former Reserve Bank of India (RBI) Governor Urjit Patel as an additional non-executive director of the company. The company said in the information given to the stock market, ‘On the recommendation of the Nomination and Remuneration Committee, the Board of Directors has appointed Dr. Urjit Patel as an additional non-executive independent director of the company. This appointment will be valid for 5 consecutive years from 2 July 2024 to 1 July 2029. Provided it is approved by the members of the company.
Who is Urjit Patel?
60-year-old Urjit Patel has been the 24th Governor of RBI between 2016-18. During his tenure, he was a member of the board of directors of the Bank for International Settlements. He has also served on the advisory board of the Financial Stability Institute. Since January 2013, Patel was the deputy governor in charge of monetary policy, economic research and financial market operations at the RBI.
Have also worked in IMF
From 2013 to 2018, Patel served as a chief/deputy in the G20, BRICS Finance Ministers and Central Bank Governors Groups. During 2022-2024, he was Vice President (Investment Operations Region 1) at the Asian Infrastructure Investment Bank. Patel is currently the President of the National Institute of Public Finance and Policy. Before joining RBI, Patel has worked in various positions in several companies including Reliance Industries Limited and IDFC Limited for about 15 years. Patel has also worked in the International Monetary Fund. He has also been an advisor to the Indian Finance Ministry.