THE JHARKHAND STORY DESK
New Delhi, August 29: Former Reserve Bank of India (RBI) Governor Dr. Urjit Patel has been appointed as Executive Director of the International Monetary Fund (IMF).
The appointment, approved by the central government, will be for a three-year term. Dr. Patel will now represent India on the global economic stage.
Demonetisation under Patel’s tenure
Dr. Urjit Patel took charge as the 24th Governor of the RBI in 2016. It was during his tenure that the historic decision of demonetisation was implemented, based on a report prepared under his chairmanship.
However, in 2018, he resigned from the post citing personal reasons, becoming the first RBI Governor to do so. Patel also had the shortest tenure since 1992.
Key policy on inflation control
As RBI Governor, Patel introduced a major policy framework to control inflation. He proposed setting a 4 per cent inflation target, which was later officially adopted and played a pivotal role in shaping India’s monetary policy.
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Experience in important roles
Before becoming Governor, Dr. Patel served as Deputy Governor of RBI, where he oversaw crucial departments such as monetary policy, economic research, statistics, information management, and communication.
He has also worked with the IMF earlier, both in Washington D.C. and New Delhi, as a representative during the 1990s. From 1998 to 2001, he was an advisor in the Ministry of Finance.
In addition, Patel has held key positions in major companies such as Reliance Industries, IDFC Limited, MCX, and Gujarat State Petroleum Corporation.
Strong academic background
Dr. Patel has an impressive academic record. He earned a Ph.D. in Economics from Yale University, an M.Phil. from Oxford University, and a B.Sc. from the University of London.
