The central government has appointed Former Reserve Bank of India (RBI) Governor Urjit Patel as the new executive director at the International Monetary Fund (IMF) for a 3-year term. Urjit Patel will serve a term of three years from the date of assuming charge or until further orders, whichever is earlier. Patel replaced Raghuram Rajan as the RBI governor in 2016. Prior to this, he had served as the deputy governor of the central bank for over three-and-a-half years.
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| Govt Appoints Urjit Patel As New Executive Director at IMF |
Urjit Patel Appointed As New Executive Director at IMF
Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as new executive director at the International Monetary Fund (IMF).
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The Appointments Committee of the Union Cabinet headed by Prime Minister Narendra Modi has approved the appointment of former Reserve Bank of India (RBI) governor Urjit Patel as executive director of the International Monetary Fund (IMF).
Urjit Patel will serve a term of three years from the date of assuming charge or until further orders, whichever is earlier.
Dr. Urjit R. Patel assumed charge as the 24th Governor of the Reserve Bank of India (RBI) effective September 4, 2016 after serving as Deputy Governor since January 2013.
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What is Urjit Patel’s IMF Role and Responsibilities?
As Executive Director, Dr. Urjit R. Patel will represent India and other countries in his constituency on the IMF's Executive Board, the decision-making body of the institution responsible for overseeing policy, lending and governance.
About Urjit Patel Executive Director at IMF
Urjit Patel was born in Nairobi, Kenya, on October 28, 1963. His family roots are from Gujarat.
In 2016, Urjit Patel was appointed the 24th Governor of the RBI, succeeding Raghuram Rajan. Prior to this, he had served as the deputy governor of the central bank for over three-and-a-half years.
As RBI governor, Urjit Patel led the central bank during the demonetisation period when the Modi government banned ₹500 and ₹1,000 bank notes in November 2016.
He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office.
Among his assignments as Deputy Governor of RBI, Dr. Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework. Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries.
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Dr. Patel has also served at the International Monetary Fund (IMF). He was on deputation from the IMF to the Reserve 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), Government of India, from 1998 to 2001. He has also had other assignments in the public and private sectors.
Dr. Patel has worked closely with several central and state government high level committees, including the Task Force on Direct Taxes (Kelkar Committee), the High Level Expert Group for Reviewing the Civil & Defence Services Pension System, the Prime Minister’s Task Force on Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms and the Ministry of Power’s Expert Group on State Electricity Boards.
Educational Life of Urjit Patel
Dr. Urjit Patel has a Ph.D in economics from Yale University, an M. Phil from University of Oxford and a B. Sc. from the University of London.
About International Monetary Fund (IMF)
IMF stands for International Monetary Fund. The IMF was established in 1944 and is headquartered in Washington, D.C. The IMF was founded by 44 member countries that sought to build a framework for economic cooperation.
The IMF is a global organization that works to achieve sustainable growth and prosperity for all of its 191 member countries.
The IMF does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. The IMF is governed by and accountable to its member countries.
Static Current Affairs related to IMF for upcoming exams
- Formation: 22 July 1944
- Headquarters: Washington, D.C., U.S.
- Membership countries: 191 countries (190 UN countries and Kosovo)
- Managing Director: Kristalina Georgieva
- First Deputy Managing Director: Gita Gopinath
- Chief Economist: Pierre-Olivier Gourinchas
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