Former RBI Governor Urjit Patel Appointed As IMF Executive Director

Former Reserve Bank of India Governor Urjit Patel has been appointed as the Executive Director of International Monetary Fund, a Personnel Ministry order said.

Mr Patel took over as 24th Governor of Reserve Bank of India (RBI) on September 4, 2016.

However, he had resigned from the post before the completion of his term, citing personal reasons. His tenure ended a day after his resignation on December 10, 2018.

The Appointments Committee of the Cabinet has approved the appointment of Mr Patel, an economist and former RBI Governor, to the post of Executive Director, International Monetary Fund, for a period of three years, said the order dated August 28.

Mr Patel was the first central bank governor since 1990 to step down before completion of his tenure.

He had earlier served at the International Monetary Fund.

Mr Patel, who had also served as RBI's Deputy Governor, was on deputation from the IMF to the central bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market.

He was a consultant to the Ministry of Finance (Department of Economic Affairs) from 1998 to 2001. He has also had other assignments in the public and private sectors.

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