The Central Government has appointed the former Reserve Bank of India (RBI) Governor Dr Urjit Patel as Executive Director (ED) in the International Monetary Fund (IMF) for a period of three years.
The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge… pic.twitter.com/SDHSsKE3a8
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Dr Urjit Patel, who played a key role in developing the inflation targeting framework in India, became the 24th Governor of RBI in 2016, succeeding Raghuram Rajan. He resigned in 2018 for personal reasons, making him the first Governor to do so. His tenure was the shortest since 1992. Based on his recommendations, the government adopted 4% Consumer Price Index (CPI) as the inflation target.
He has had a previous association with the IMF, where he served for five years, first in Washington, D.C., and then in New Delhi in 1992 as the IMF Deputy Resident Representative to India.
Before becoming the RBI Governor, he has headed departments such as Monetary Policy, Economic Research, Statistics, Deposit Insurance and Communication as Deputy Governor.
Between 1998 and 2001 he served as an advisor in the Ministry of Finance, and was also associated with organisations such as Reliance Industries, IDFC Ltd, MCX Ltd and Gujarat State Petroleum Corporation.
