Urjit Patel Appointed Imf Executive Director: Urjit Patel, former Governor of the Reserve Bank of India, has been appointed as the Executive Director of the International Monetary Fund (IMF). This information was given in a government statement released on Friday. Patel has been appointed for three years.
Urjit Patel took over the post of RBI Governor from Raghuram Rajan in September 2016 and resigned from the post in December 2018 citing personal reasons. This resignation came after a long -term public dispute between the RBI and the Prime Minister Narendra Modi government. The order issued on August 28 states that the Appointments Committee of the Cabinet has approved the appointment of Patel as the Executive Director of IMF for a period of three years.
The notice stated, “The Appointments Committee of the Cabinet has approved the appointment of Economist and former RBI Governor Dr. Urjit Patel to the post of Executive Director (ED) in the International Monetary Fund. For a period of three years from the date of taking charge from the date of taking charge or until further orders, whatever will be first,”
Patel was working as the 24th Governor of RBI from 4 September 2016. He took over as RBI Governor from Raghuram Rajan. However, Patel resigned from the post before his term was completed, citing personal reasons. A day after his resignation, his term ended on 10 December 2018. Since 1990, he was the first RBI Governor to resign before the completion of his term.
Significantly, this is not the first time Patel has taken over in the IMF. During 1996–1997, he was on deputation from the IMF to the central bank, where he advised on the development of the debt market, improvement in the banking sector, updating pension funds and the development of the foreign exchange market.
He served as an advisor in the Finance Ministry under the Department of Economic Affairs from 1998 to 2001 and played various roles in both public and private sectors.
