Former RBI Governor Urjit Patel appointed IMF executive director

The Appointments Committee of the Cabinet (ACC) has approved the appointment of former RBI Governor and economist Urjit Patel to the post of Executive Director at the International Monetary Fund. He has been appointed for a period of three years with effect from the date of assumption of charge of the post, or until further orders.

Patel, who served as the RBI Governor between 2016 and 2018, will represent India on the IMF’s Executive Board. The board oversees the organisation’s day-to-day operations and key policy decisions.

He was the first RBI Governor since 1990 to resign before the completion of his term. This will be Patel’s second stint at the IMF. During 1996-1997, he was on deputation from the IMF to the RBI, where he advised on developing the debt market, reforming the banking sector, updating pension funds and evolving the foreign exchange market.

He had also served as a consultant for the Ministry of Finance in the Department of Economic Affairs from 1998 to 2001.