ACC appoints former RBI governor Urijit Patel as IMF Executive director

NEW DELHI: Economist and former Governor of the Reserve Bank of India (RBI), Urijit Patel, was appointed as the Executive Director (ED) at the International Monetary Fund (IMF) for a period of three years on Friday.

The announcement was made by the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi. The appointment will take effect from the date Patel assumes charge of the post or until further orders, whichever is earlier, according to an official statement issued by the committee.

“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 of the post, or until further orders, whichever is earlier”, read the release from the Committee.

Patel’s selection comes after the unexpected termination of the former IMF Executive Director Krishnamurthy Subramanian. Patel served as the Governor of the RBI from 2016 until his resignation in 2018, making his tenure one of the shortest since 1992. His tenure witnessed some of the most significant financial reforms in India’s recent history.

During his term at the RBI, India underwent major economic transformations, including the demonetisation of high-value currency notes and the implementation of the Goods and Services Tax (GST). Patel played an instrumental role in guiding the country’s financial system through these challenging transitions, which aimed to enhance transparency and foster economic growth.

Born in Kenya, Patel has an expansive career that spans both national and international spheres. In 1990, he worked with the IMF in advisory roles focused on financial and economic policy. Between 2000 and 2004, he served on several high-level committees in India at both central and state government levels. These committees included the Prime Minister’s Task Force on Infrastructure, the Committee on Civil Aviation reforms, and the Expert Group on State Electricity Boards.

Patel’s appointment at the IMF comes at a critical juncture amid global economic uncertainties, where his expertise is expected to provide valuable insights into international financial governance and policy formulation. (ANI)