Former RBI Governor Urjit Patel Appointed As IMF Executive Director

(MENAFN- Live Mint) Former Governor of the Reserve Bank of India (RBI), Urjit Patel has been appointed as an Executive Director of the International Monetary Fund (IMF), according to a Personnel Ministry order.

The order issued on August 28 noted that the Appointments Committee of the Cabinet gave its nod to the appointment of Patel as the Executive Director of the IMF for a period of three years.

The notice read,“The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier.”

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Patel served as the 24th Governor of the RBI from September 4, 2016. He took over as the RBI governor from Raghuram Rajan . However, Patel resigned from the position before completing his term, citing personal reasons. His tenure concluded a day after his resignation on December 10, 2018. He was the first RBI governor since 1990 to resign before the completion of his term.

Notably, this isn't the first time Patel has served at the IMF . During 1996-1997, he was on deputation from the IMF to the central bank, where he advised on developing the debt market, reforming the banking sector, updating pension funds, and evolving the foreign exchange market.

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He served as a consultant for the Ministry of Finance under the Department of Economic Affairs from 1998 to 2001 and has pursued various other roles in both the public and private sectors.

About IMF Board

The IMF's Executive Board is responsible for conducting its day-to-day business. According to its official website, the Board consists of 24 Executive Directors elected by member countries or groups, headed by the Managing Director.

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All IMF member countries are represented on its Executive Board, which reviews the economic policies of each member at the national, regional, and global levels. The Board approves IMF financing to assist members with temporary balance of payments issues and also oversees its development initiatives.

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