New Delhi: Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as India’s next Executive Director (ED) at the International Monetary Fund (IMF) for a three-year term.
The appointment was cleared by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi.
The position had been vacant since April 30 after Krishnamurthy Subramanian was removed over controversies linked to his book and alleged violations of IMF protocols. Patel will now represent India on the IMF’s executive board, which is composed of 25 directors elected by member nations or groups of countries. The board, chaired by the IMF’s managing director, oversees the institution’s day-to-day business and meets several times a week.
Patel, who currently serves as one of the eight non-executive directors of Britannia Industries, brings extensive experience in economic policy and financial governance. He had earlier worked with the IMF before taking senior roles in India’s financial system.
Patel became RBI governor on September 4, 2016, succeeding Raghuram Rajan. His appointment to the IMF is being seen as a significant move, placing an experienced policymaker at the center of global financial decision-making.
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