The Appointments Committee (ACC) of the Cabinet has approved the appointment of former RBI Governor and economist Urjit Patel to the post of Executive Director at the International Monetary Fund (IMF) for a period of three years with effect from the date of assumption of charge.
Patel, who served as RBI Governor between 2016 and 2018, will represent India on the IMF’s Executive Board, which 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.
Patel had taken over as the 24th Governor of Reserve Bank of India (RBI) on September 4, 2016.
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 was also a consultant to the Ministry of Finance in the Department of Economic Affairs from 1998 to 2001.
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