Daijiworld Media Network – New Delhi

New Delhi, Aug 29: The Appointments Committee of the Cabinet (ACC) has cleared the appointment of former Reserve Bank of India (RBI) Governor and noted economist Urjit Patel as Executive Director at the International Monetary Fund (IMF) for a three-year term. His appointment will take effect from the date of assumption of charge.

Patel, who served as the 24th RBI Governor between September 2016 and December 2018, will represent India on the IMF’s Executive Board, the body responsible for overseeing the organisation’s day-to-day functioning and key policy decisions.

This marks Patel’s second stint with the IMF. Between 1996 and 1997, he was on deputation from the IMF to the RBI, where he worked on reforms in India’s debt market, banking sector, pension funds and foreign exchange market. He also served as a consultant with the Ministry of Finance in the Department of Economic Affairs from 1998 to 2001.

Patel, remembered as the first RBI governor since 1990 to resign before completing his tenure, brings with him a wealth of experience in central banking and international finance.