Former Governor of India Reserve Bank of India (RBI), Urjat Patel, was appointed Executive Director of the International Monetary Fund (IMF), according to the Order of the Personnel Ministry issued on 28 August.
The Cabinet appointment Committee approved the appointment of Urjat Patel as the Executive Director of the IMF for three years.
The notice said: “The Cabinet appointment Committee approved the appointment of Dr. Urjit Patel, economist and former RBI governor, to the position of Executive Director (ED) in the International Monetary Fund for three years with effect from the date of assumption or to another regulation that is before.”
Patel has worked since September 4, 2016 as 24 Governor RBI. He was taken over as Governor RBI of Raghuram Rajan. Patel resigned to post before the completion of his term of office and quoted personal reasons. His tenure was closed the day after his resignation on December 10, 2018. Since 1990 he was the first RBI governor to resign before the completion of his term.
In particular, it is not the first stint to urge the patel in the IMF. Between 1996-1997 he was on representation from the IMF to the central bank, where he advised on the development of the debt market, reforming the banking sector, updating pension funds and developing the foreign exchange market.
From 1998 to 2001, the patel was served as a consultant of the Ministry of Finance at the Ministry of Economic Affairs. He also held various other roles in the public and private sectors.
About the IMF board
The Executive Council of the IMF is responsible for the implementation of everyday business. According to his official website, the Board of Directors consists of 24 Executive Directors elected by Member States or groups headed by the CEO.
All Member States of the IMF are represented in its Executive Board, which reviews economic policies of each member at the national, regional and global levels. The Board of Directors approves the financing of the IMF to help members with temporary payment salaries and also oversees its development initiatives.
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