Explanation:

The Executive Board is responsible for conducting the day-to-day business of the IMF and exercises the powers delegated to it by the Board of Governors. It studies the health checks conducted each year by IMF services for all member countries, and economic policy issues that impact the entire global economy.

Former Reserve Bank of India (RBI) deputy governor Subir Gokarn has been appointed as an executive director on the board of International Monetary Fund (IMF).

Gokarn, 56, will replace Rakesh Mohan, whose three-year tenure at IMF will end this month, a government release said.

This is not the first time that Gokarn has been appointed to a post vacated by Mohan. In 2009, Gokarn, then Asia-Pacific chief economist for Standard & Poor's (S&P), was appointed as a deputy governor of RBI, four months after Mohan vacated the post.

Gokarn will represent India, Bangladesh, Sri Lanka and Bhutan on the executive board of the Washington-based thinktank.