Cecily Zamora
In 2016, rumours circulated on social media that Urjit Patel, the Governor of the Reserve Bank of India (RBI), was the brother-in-law of Mukesh Ambani, whose wife Nita Ambani was rumoured to be the sister of Patel's wife, Kanan. However, these rumours were dispelled when it was discovered that Nita Ambani's only sister was Mamta Dalal, who worked as a teacher at a school run by the Ambanis. Patel, on the other hand, was married to Kanan Patel, with whom he had two children, and had previously worked as the President of business development in Reliance Industries Ltd., where he had an employer-employee relationship with Mukesh Ambani.
| Characteristics | Values |
|---|---|
| Is Urjit Patel the brother-in-law of Mukesh Ambani? | No |
| Urjit Patel's wife | Kanan Patel |
| Kanan Patel's sisters | Rachana and Shweta |
| Mukesh Ambani's wife | Nita Ambani |
| Nita Ambani's sister | Mamta Dalal |
| Urjit Patel's relation with Mukesh Ambani | Employer-employee |
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What You'll Learn
- Urjit Patel was appointed as the governor of the Reserve Bank of India (RBI) in 2016
- Mukesh Ambani is the chairman of Reliance Industries
- Rumours circulated that Patel was appointed to benefit Ambani
- Patel's wife, Kanan, is not the sister of Ambani's wife, Nita
- Patel worked as President of Business Development in Reliance Industries
Urjit Patel was appointed as the governor of the Reserve Bank of India (RBI) in 2016
In 2016, Urjit Patel was appointed as the 24th governor of the Reserve Bank of India (RBI), the country's central bank. This appointment was made by the Government of India, specifically by the Appointments Committee of the Cabinet, which is chaired by the Prime Minister. The position of RBI governor is a crucial one, as the governor is responsible for overseeing the country's monetary policy and regulation of the banking system.
Patel's appointment was widely seen as a continuation of the RBI's existing policies and a vote of confidence in his ability to manage the country's economy. He had previously served as the deputy governor of the RBI from 2013 to 2016, under the governorship of Raghuram Rajan. During this time, he played a key role in formulating monetary policy and improving the banking system's stability.
Before joining the RBI, Patel had a distinguished career in economics and finance. He held various positions in the International Monetary Fund (IMF) from 1990 to 2006, including that of Chief of Mission and Deputy Director. He then served as a consultant to the Ministry of Finance, India, and as a non-official director on the Central Board of the RBI.
Patel has also been a member of several important committees, including the Technical Advisory Committee on Monetary Policy, the High Level Task Force on Financial Inclusion, and the Committee on Financial Sector Reforms. He was also the chairman of the Expert Committee to revise and strengthen the Monetary Policy Framework, whose recommendations formed the basis for the RBI's monetary policy framework agreement with the Government of India in 2015.
Under Patel's governorship, the RBI focused on maintaining price stability and ensuring a robust monetary transmission mechanism. He also continued the efforts to resolve the issue of non-performing assets in the banking system and improve the governance of public sector banks. Additionally, the RBI, under his leadership, introduced several measures to promote financial inclusion and improve customer service in banks.
It is important to note that Urjit Patel is not the brother-in-law of Mukesh Ambani, the chairman and managing director of Reliance Industries, one of India's largest conglomerates. This claim has been refuted by several reliable sources. However, it is worth mentioning that Patel's appointment as RBI governor was made during the tenure of Narendra Modi as Prime Minister, and there have been speculations and debates about the relationship between the Modi government and prominent industrialists like Mukesh Ambani.
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Mukesh Ambani is the chairman of Reliance Industries
There were rumours in 2016 that Urjit Patel, the governor of the Reserve Bank of India, was appointed to his position so that industrialist Mukesh Ambani could have a connection to the apex bank. It was rumoured that Patel was the brother-in-law of Mukesh Ambani, as Patel's wife was rumoured to be the sister of Ambani's wife, Nita Ambani. However, these rumours were false. Urjit Patel is not married to Nita Ambani's sister.
Mukesh D. Ambani is the chairman and managing director of Reliance Industries Limited (RIL). He has been on the Board of Reliance since 1977 and is a chemical engineer from the Institute of Chemical Technology, Mumbai. He also pursued an MBA from Stanford University in the USA. Ambani initiated Reliance's backward integration journey, from textiles to polyester fibres, and later to petrochemicals and petroleum refining. He has overseen the creation of multiple world-class manufacturing facilities, significantly augmenting Reliance's petrochemicals manufacturing capacities. Ambani also led the development and implementation of a pan-India organised retail network for Reliance, resulting in Reliance Retail becoming the largest organised retail player in India.
Under Ambani's leadership, Jio, Reliance's digital services business, set global records in customer acquisition. He also established one of the world's most expansive 4G broadband wireless networks, offering end-to-end solutions across various digital services in key domains such as education, healthcare, security, financial services, government-citizen interfaces, and entertainment. Ambani is a member of several prestigious organisations, including the Foundation Board of the World Economic Forum, the United States National Academy of Engineering, and the Global Advisory Council of Bank of America. He also serves as the Chairman of the Board of Governors for Pandit Deendayal Energy University.
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Rumours circulated that Patel was appointed to benefit Ambani
In 2016, rumours circulated on social media that Urjit Patel, the then Governor of the Reserve Bank of India (RBI), was appointed to benefit Mukesh Ambani, Chairman of Reliance Industries. The rumours implied that Patel was selected for the role because he was the brother-in-law of Ambani's wife, Nita Ambani. It was further speculated that Ambani had prior knowledge of Prime Minister Narendra Modi's decision to demonetise Rs 500 and Rs 1,000 currency notes, which was announced on November 8, 2016.
However, these rumours were proven to be false. Nita Ambani has only one sister, Mamta Dalal, who is a teacher at a school run by the Ambanis. Urjit Patel is married to Kanan Patel, daughter of Anil R. Patel, and they have two children together. Patel is a highly accomplished economist with a wealth of experience in the financial, energy, and infrastructure sectors. He was born into a wealthy Gujarati family in Nairobi, Kenya, and obtained degrees from prestigious institutions such as the London School of Economics, Oxford University, and Yale University.
Prior to his appointment as RBI Governor, Patel worked as the President of Business Development in Reliance Industries Ltd., where he had an employer-employee relationship with Mukesh Ambani. He also served as the Deputy Governor of the RBI from 2013 to 2016 and played an advisory role in various areas, including debt market, pension fund reforms, and banking sector reforms. On August 20, 2016, Patel was appointed as the 24th Governor of the RBI. During his tenure, the Indian government demonetised certain banknotes, with the stated aim of curbing corruption, black money, fake currency, and terrorism. Patel resigned from his position on December 10, 2018, becoming the fifth RBI governor to do so.
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Patel's wife, Kanan, is not the sister of Ambani's wife, Nita
In 2016, rumours began spreading on social media that Urjit Patel, the then-governor of the Reserve Bank of India (RBI), was appointed to his position so that Mukesh Ambani, the chairman of Reliance Industries, could have access to the bank. The rumours implied that Ambani knew in advance about Prime Minister Narendra Modi's decision to demonetise Rs 500 and Rs 1,000 currency notes, which was announced on 8 November 2016. One of the viral messages stated:
> "Reliance had sought a banking license from the RBI, which Raghuram Rajan did not approve. Therefore, the government replaced Rajan with Ambani's 'son-in-law' and 'handed over' the 'bank of banks' to the Reliance chairman."
The rumours also claimed that Urjit Patel's wife, Kanan, is the sister of Mukesh Ambani's wife, Nita. However, this is not true. Nita Ambani has only one sister, named Mamta Dalal, whose father, Ravindrabhai Dalal, passed away in 2014. Mamta is a teacher at a school run by the Ambanis. Kanan Patel, on the other hand, is the daughter of Anil R. Patel and has two sisters, Rachana and Shweta.
Urjit Patel is a highly accomplished economist who was born in Kenya into a wealthy family of Gujarati origin in Nairobi in 1963. He obtained a Bachelor's degree in Economics from the London School of Economics, an M.Phil. degree from Oxford University, and a doctorate in Economics from Yale University. Before joining the RBI, Patel worked as the President of business development in Reliance Industries Ltd., where he had an employer-employee relationship with Mukesh Ambani. On 11 January 2013, Patel was appointed as Deputy Governor of the RBI for a three-year term, which was renewed in January 2016. He became the governor of the RBI on 20 August 2016 and resigned from the position on 10 December 2018.
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Patel worked as President of Business Development in Reliance Industries
There were rumours that Urjit Patel, the former governor of the Reserve Bank of India (RBI), was the brother-in-law of Mukesh Ambani, the chairman of Reliance Industries. However, these rumours are false. Nita Ambani, Mukesh Ambani's wife, has only one sister, Mamta Dalal, who is a teacher. Urjit Patel is married to Kanan Patel, who is not related to the Ambanis. Kanan Patel is the daughter of Anil R. Patel and has two sisters, Rachana and Shweta.
Urjit Patel worked as the President of Business Development in Reliance Industries Ltd. and was employed by Mukesh Ambani. Patel worked with several high-level committees at the state and central government levels during 2000-2004. He was appointed Deputy Governor of the RBI in 2013 and served two three-year terms. In August 2016, he was appointed as the 24th Governor of the RBI. During his tenure, the Indian government demonetised the 500 and 1000 rupee banknotes, with the stated intention of curbing corruption, black money, fake currency, and terrorism. Patel resigned from his post as Governor of the RBI in December 2018.
Patel's career has spanned the financial, energy, and infrastructure sectors. He was born into a Gujarati family in Nairobi, Kenya, in 1963. He obtained a Bachelor's degree in Economics from the London School of Economics, an M.Phil. from Oxford University, and a doctorate in Economics from Yale University. Before becoming an Indian citizen and joining the RBI, Patel received a recommendation letter from then-Prime Minister Manmohan Singh, who called him "very important for the country."
In June 2022, Patel was appointed as the Vice President for investment operations for the Beijing-based Asian Infrastructure Investment Bank (AIIB), one of the world's leading multilateral banks.
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Frequently asked questions
No, Urjit Patel is not the brother-in-law of Mukesh Ambani. However, there were rumours circulating on social media that Patel's wife, Kanan Patel, was the sister of Ambani's wife, Nita Ambani. This was proven to be false as Nita Ambani only has one sister, Mamta Dalal, who works as a teacher.
Urjit Patel is an Indian economist. He was born in Kenya to a Gujarati family and became a naturalised Indian citizen in 2013. He was the 24th Governor of the Reserve Bank of India (RBI) from 2016 to 2018.
Mukesh Ambani is an Indian industrialist and the chairman of Reliance Industries.
In 2016, Prime Minister Narendra Modi announced that 500 and 1,000 rupee banknotes would no longer be legal tender in an effort to fight black money. As Urjit Patel was the RBI Governor at the time, rumours spread that he was appointed to this position so that Ambani would have access to the bank and be privy to government secrets.
