Dr. Urjit Patel Appointed as IMF Executive Director-Former RBI Governor Dr. Urjit Patel appointed as IMF Executive Director, representing India, Bhutan, Sri Lanka, and Bangladesh. Know his career highlights and the significance of this role.
Key Highlights:
- Former RBI Governor Dr. Urjit Patel has been appointed as the Executive Director at the International Monetary Fund (IMF).
- He will represent India, Bhutan, Sri Lanka, and Bangladesh in the IMF’s Executive Board.
- The Executive Board is responsible for conducting day-to-day operations and making decisions on key policy matters of the IMF.
- Dr. Patel succeeds Krishna Srinivasan, who was recently elevated as the Director of the IMF’s Asia and Pacific Department.
About Dr. Urjit Patel:
- Served as the 24th Governor of the Reserve Bank of India (RBI) (2016–2018).
- Known for his strong stance on maintaining monetary policy independence.
- Played a key role in the implementation of the Inflation Targeting Framework and the introduction of the Monetary Policy Committee (MPC) in India.
- Also contributed to reforms in banking regulation and financial stability.
Significance of Appointment:
- Strengthens India’s representation at the IMF at a crucial time when global economies are facing challenges like inflation, debt crisis, and slow recovery post-COVID.
- Reflects India’s growing role in international economic governance.
- Patel’s experience in monetary policy and macroeconomics will add value to IMF discussions.
Exam Relevance (UPSC/Banking/SSC):
- Static Part: IMF structure, Executive Board, role of Executive Director.
- Current Affairs: Urjit Patel’s appointment (2025), India’s representation in IMF