Former RBI Governor Urjit Patel appointed as IMF Executive Director

Why in News?

Former RBI Governor Urjit Patel has been appointed as an Executive Director of the International Monetary Fund (IMF) for a period of three years.

Key Highlights

Appointment

• Approved by the Appointments Committee of the Cabinet (ACC).
• Tenure: 3 years (from 28 August 2025).

Urjit Patel’s RBI Tenure

• Served as the 24th Governor of RBI (Sept 4, 2016 – Dec 10, 2018).
• Took charge from Raghuram Rajan.
• Resigned citing personal reasons, becoming the first RBI Governor since 1990 to resign before completing his term.

IMF Executive Board

• Responsible for day-to-day business of IMF.
• Consists of 24 Executive Directors, elected by member countries/groups.
• Headed by the Managing Director.
• Functions:
  • Reviews economic policies of member countries.
  • Approves IMF financing for balance of payments support.
  • Oversees development initiatives.