Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as the executive director of the International Monetary Fund (IMF), a Ministry of Personnel, Public Grievances and Pensions order said. According to a notification from the Ministry of Personnel, Public Grievances and Pensions, he has been appointed as an executive director at the International Monetary Fund for a period of three years.
24th Governor Of RBI
Patel took over as the 24th governor of the Reserve Bank of India (RBI) on September 4, 2016. However, he became the first central bank governor since 1990 to step down before completion of his tenure. Patel had resigned citing personal reasons. His tenure ended a day after his resignation on December 10, 2018.
Second Tenure At IMF
Earlier, he had also served as RBI's Deputy Governor, was on deputation from the IMF to the central 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) from 1998 to 2001. He has also had other assignments in the public and private sectors.
Former finance secretary Subash Chandra Garg on Urjit Patel
Earlier, former finance secretary Subash Chandra Garg , who served as Economic Affairs Secretary between June 21, 2017 and July 25, 2019, said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions' that the central bank had a habit of making complete about-turns on various issues under Ujrit Patel.
Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB).
