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Urjit Patel assumes charge as 24th RBI Governor

Urjit R Patel on 4 September 2016 assumed charge as the 24th Governor of the Reserve Bank of India (RBI).
•    The handover ceremony will take place on 6 September 2016.
•    Patel had been serving as the Deputy Governor since January 2013.
•    Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia.
•    On 20 August 2016, the appointment committee of cabinet approved the appointment of Patel for three years.
•    Urjit Patel headed a panel that recommended landmark changes to monetary policy in India. The changes included a switch to inflation-targeting and the creation of a panel to set interest rates.
•    In January 2016, he was reappointed as the Deputy Governor in Charge of monetary policy, the department he headed from 2013.
•    Earlier between 1990 and 1995, he had worked with the International Monetary Fund (IMF) covering US, India, Bahamas and Myanmar.
•    He carries a doctorate from Yale University.
•    He also carries M Phil from Oxford.

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Unified Payments Interface Becomes Operational

Unified Payments Interface (UPI) was introduced on 25 August 2016 by four banks, namely Axis Bank, Union Bank of India, Federal Bank and Bank of Maharashtra. 
•    The app will allow customers to make payments via digital means.
•    The app went live for these banks after National Payments Corporation of India (NPCI) issued letters to them asking them to make the apps available on Google Play Store. 
•    Apart from this, the UPI-enabled apps will be available for other 19-banks in next 2-3 working days.
•    Initially, the facility, which is available on Google Play Store, will be available for bank customers with Android smart phones. 
•    Versions for Apple’s iOS operating system will be launched in next six months.
•    UPI, a product of NPCI, will help move India towards a cashless economy. 
•    It will allow customer to have multiple virtual address for accounts in various banks.
•    UPI is a set of standard Application Programming Interface (APIs).
•    National Payments Corporation of India (NPCI) is the umbrella organisation for all retail payments system in India.
 

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