The Central Government has approved the appointment of former Reserve Bank of India Governor Urjit Patel as Executive Director in the International Monetary Fund (IMF). His tenure will be for a period of three years. He will replace KV Subramanian. KV Subramanian's services were terminated by the government six months before his three-year term. This termination will be effective from April 30, 2025.
The order said, 'The Appointments Committee of the Cabinet has approved the appointment of economist and former RBI Governor Urjit Patel to the post of Executive Director (ED) in the IMF. This appointment will be for a period of three years from the date of assuming office or until further orders, as stated in a government order issued on August 28, 2025.'
The Executive Board of the IMF is composed of 25 directors (Executive Directors or EDs) elected on behalf of member countries or groups of countries. India is part of a four-nation constituency, whose members are Bangladesh, Sri Lanka, and Bhutan. Prior to this appointment, Urjit Patel was working as Vice President of Investment Operations (Region 1) at the Asian Infrastructure Investment Bank (AIIB). According to this Beijing-based multilateral financing institution, he resigned from his post in January 2024 due to family health reasons.
Became RBI Governor in 2016, resigned in 2018
Urjit Patel took over as the 24th Governor of the RBI after Raghuram Rajan in 2016. In December 2018, he suddenly resigned from his post amid a dispute with the government over the issue of dividend transfer to the government by the central bank.
Also worked as Deputy Governor
Before assuming the post of RBI Governor, Urjit Patel worked as Deputy Governor. He took charge of departments like Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication, and Right to Information.
Urjit Patel, born in 1963
Born in 1963, Urjit Patel also worked as an advisor to the Ministry of Finance from 1998 to 2001. He also held several assignments in the public and private sectors, including Reliance Industries, IDFC Ltd, MCX Ltd, and Gujarat State Petroleum Corporation.
PhD in Economics from Yale University in 1990
Patel graduated in economics from the London School of Economics and obtained an MPhil from Oxford University in 1986. He completed his PhD in economics from Yale University in 1990. He then became part of the IMF. He worked there from 1990 to 1995, covering the desks of the US, India, the Bahamas, and Myanmar.
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