♤ India has a quota of 3,114.4 million SDRs, 2.76% of vote.

♤ The IMF is accountable to its member country governments. At the top of its organizational structure is the Board of Governors , consisting of one governor and one alternate governor from each member country, usually the top officials from the central bank or finance ministry.

♤ For India, Minister of Finance acts as the Governor and the RBI governor acts as alternate governor

♤ Since July 2011 IMF managing director is Christine Lagarde of France. She is the first woman to head the IMF in organisation's history.

1.15.1.1. Reforms

♤ Though developing countries hold less than half the overall quota at the moment, with their rapidly increasing economic heft they have demanded a greater share — with limited success.

♤ The 15th General Review of Quotas (GRQ), the most recent attempt to revise the size and composition of the system, was to be completed by October 2017, but the deadline has now been extended to 2019.

♤ This follows the poor precedent set by the long delay in adoption in 2016 of the previous GRQ (originally approved in 2010). That had doubled the overall size of the quotas to $659 billion (from $329 billion) while allotting an additional 6% of quotas to the developing world. In this round voting powers at the IMF had been revised to increase the voice of developing countries, notably China, Brazil, India, South Korea and Mexico.

♤ The developing world is looking beyond the short-term crisis management tools that the IMF, as the sole international lender of last resort, has traditionally offered them for decades now — albeit in an unsatisfactory and politically biased way.

♤ With the rise of competing global institutions ready to meet the capital needs of the developing world, the patience of countries such as India may be tested more easily.