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New Delhi, Aug 29 : The government has approved the appointment of former Reserve Bank of India (RBI) governor Dr Urjit Patel as the Executive Director at the International Monetary Fund (IMF) for a period of three years. The government has appointed the new executive director for India at IMF following the abrupt termination of Krishnamurthy V Subramanian's services, which ended his term about six months short. Patel is known as a key architect of Indias inflation-targeting framework for monetary policy. Patel, a Kenyan-born Indian economist, had started his career in the IMF over thirty years ago. He worked at the International Monetary Fund for five years, starting in Washington DC before moving to India in 1992 as the IMFs deputy resident representative in New Delhi. He became the 24th governor of the RBI in 2016, succeeding Raghuram Rajan. In 2018, he was the first RBI governor to resign for personal reasons, serving the shortest term since 1992. Prior to that, he was the deputy governor of the central bank, overseeing monetary policy, economic policy research, statistics and information management, deposit insurance, communication, and Right to Information.

Mumbai: The RBI on Friday said 20 non-banking financial companies (NBFCs), including Reliance Commercial Finance and IDFC Limited, have surrendered their certificate of registration (CoR). Of these,...

The Reserve Bank of India (RBI) announced that 20 non-banking financial companies, including Reliance Commercial Finance and IDFC Limited, have surrendered their certificates of registration. Notably, some exited the non-banking sector or ceased to exist due to mergers. Meanwhile, RBI cancelled the licenses of 17 NBFCs based in West Bengal and reinstated Kamdhenu Finance Company's license.