Former RBI Governor appointed as Executive Director at IMF
What's the story
The Appointments Committee of the Cabinet has approved Dr. Urjit Patel's appointment as the Executive Director (ED) at the International Monetary Fund (IMF). The appointment is for a period of three years, effective from the date he assumes office or until further orders. Patel was India's 24th RBI Governor, succeeding Raghuram Rajan. He had the shortest tenure since 1992.
Career trajectory
Patel took over as RBI Governor in 2016
Patel took over as the RBI's 24th Governor in September 2016. In December 2018, he resigned due to personal reasons. Before becoming the Governor, Patel served as a Deputy Governor at the RBI where he handled monetary policy, economic policy research, statistics, and information management, among other things. The Urjit Patel Committee report, released in January 2014, played a key role in reforming India's monetary policy framework and eventually led government to adopt 4% CPI as the official inflation target.
Background
Work experience and educational qualifications
Patel has also worked as a consultant to the Ministry of Finance from 1998-2001. He has held positions in both public and private sectors with Reliance Industries, IDFC Ltd., MCX Ltd., and Gujarat State Petroleum Corporation. He holds a PhD in economics from Yale University, an MPhil from the University of Oxford, and a BSc from the University of London.