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Former RBI Governor Dr. Urjit Patel was made the Executive Director of International Monetary Fund i.e. IMF. The Government of India has approved this. His tenure will be 3 years. The Department of Personnel and Training i.e. DOPT issued an official order on Thursday, August 28, confirmed the decision.
Urjit was born in Kenya. However, his grandfather went to Kenya from Mahudha village in Kheda district of Gujarat. His father used to run a chemical factory called Rexo Products Limited in Nairobi.
Started career with imf
Ph.D. in Economics from Yale University in America After doing, Urjit started his career with IMF as an economist. He was working in the International Monetary Fund i.e. IMF from 1990 to 1995. During this time he worked on India Desk for countries like America, India and Myanmar. Many joined the IMF missions and did research on many economic policies.
He was appointed as Deputy Secretary in the Ministry of Finance, Government of India in 1996. During this time worked on the reforms and policies of financial sectors.
Urjit then joined the RBI in 1998. He worked closely with the deputy governor of 2001. Contributed to many RBI committees (such as banking sector reforms, pension, financial stability, etc.).
After this, from 2001 to 2013, he joined many private institutions and research institutes. During this time he played an important role in organizations like Reliance and IDFC. He was also the President of Business Development and Strategy at Reliance Industries Limited (RIL).
In this era, he worked with several policy research institutes and think tanks.
Urjit Patel was appointed as Deputy Governor of RBI in January 2013. His term was 3 years (till 2016). During this time worked to improve the Monetary Policy, Financial Stability and Economy. Also, he played an important role in creating a Monetary Policy Committee (MPC).
Became 24th Governor of RBI
In September 2016, Raghuram Rajan’s term as RBI Governor’s term ended. On 4 September 2016, Urjit Patel replaced Raghuram Rajan. He became the 24th Governor of RBI. His term was not long. He resigned on December 10, 2018 in 2 years, citing personal reasons. This was the shortest tenure of any RBI governor after 1992.
While RBI Governor, Urjit implemented inflation targeting framework i.e. inflation control.
During his tenure, differences were also revealed between the government and them. Prior to resignation, Urjit had expressed displeasure with the government over RBI’s independence, reserve transfer and regulation of banks.
In 2020, Urjit wrote a book called ‘Overdraft: Saving The Indian Saver’, in which he wrote his point on the Indian banking sector and financial crisis.
Has been Vice President of AIIB
In January 2022, the Asian Infrastructure became the Vice President of the Investment Bank (AIIB). It is a multilet development bank. It was established in 2016 under the leadership of China and is headquartered in Beijing. Its main objective is to provide financial support for Sustainable Infrastructure Projects. So that Asia’s social and economic development has to be promoted. This bank represents 19 countries.
Former RBI Governor Dr. Urjit Patel was made the Executive Director of International Monetary Fund i.e. IMF. The Appointments Committee of the Cabinet (ACC) has approved the appointment of Economist and former Reserve Bank of India (RBI) Governor Urjit Patel to the post of Executive Director (ED) in the International Monetary Fund (IMF).
After 30 years, Urjit returned to the IMF, he started his career from here.
Earlier, Krishnamurthy V. Subramaniam, Executive Director, Government of India, was removed. His term was abolished 6 months ago. The government issued an order for this post on 30 April. Now the Government of India has approved the name of Urjit Patel on this post.
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