The Appointments Committee (ACC) of the Cabinet has officially sanctioned the appointment of Urjit Patel, former Governor of the Reserve Bank of India (RBI) and a distinguished economist, as the new Executive Director at the International Monetary Fund (IMF).
This appointment is for a term of three years, commencing from the date he assumes his new responsibilities.
Patel, who served as the 24th Governor of the RBI from September 4, 2016, until his resignation in 2018, will now represent India on the IMF’s Executive Board. This board is responsible for overseeing the organisation's daily operations and making crucial policy decisions. Notably, Patel was the first RBI Governor since 1990 to resign before completing his full term.
This will mark Urjit Patel's second tenure at the IMF. Previously, from 1996 to 1997, he was on deputation from the IMF to the RBI. During that period, he provided advisory services on several critical areas, including the development of the Indian debt market, the reform of the banking sector, the modernisation of pension funds, and the evolution of the foreign exchange market.
Furthermore, he also served as a consultant to the Ministry of Finance within the Department of Economic Affairs from 1998 to 2001.
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