India has approved the appointment of former RBI governor Urjit Patel as executive director at the International Monetary Fund for a period of three years.
Patel replaces KV Subramanian, a former chief economic advisor, whose IMF tenure was terminated six months ahead of schedule on 30 April 2025.
“The Appointments Committee of the Cabinet has approved the appointment of Urjit Patel, economist and former RBI governor, to the post of Executive Director at the IMF, for a period of three years with effect from the date of assumption of charge of the post, or until further orders,” according to a government order dated 28 August 28.
IMF’s executive board, of which Patel would now be a member, is composed of 25 directors, elected by the member countries or groups of countries. India is part of a four-country group, along with Bangladesh, Sri Lanka, and Bhutan as its members.
Urjit Patel Career
Before his IMF appointment, Patel served as the Vice President for Investment Operations (Region 1) at the Asian Infrastructure Investment Bank. He resigned from his position in January 2024 due to family health matters.
Patel took over as the 24th Governor of the Reserve Bank of India in 2016, succeeding Raghuram Rajan. In December 2018, he abruptly resigned from the position, amid a tussle with the government over the issue of dividend transfer to the central government.
{{/usCountry}}Patel took over as the 24th Governor of the Reserve Bank of India in 2016, succeeding Raghuram Rajan. In December 2018, he abruptly resigned from the position, amid a tussle with the government over the issue of dividend transfer to the central government.
{{/usCountry}}Before assuming the RBI governor’s position, Patel served as a deputy governor handling monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.
He also served as a Consultant to the Union Ministry of Finance from 1998 to 2001. He also had other assignments in the public and private sectors, including those with Reliance Industries Ltd., IDFC Ltd., MCX Ltd., and Gujarat State Petroleum Corp. Ltd.
Urjit Patel Education
Born in 1963, Patel completed his Bachelor’s in Economics from London School of Economics and obtained an MPhil degree from Oxford University in 1986. He completed his PhD in Economics from Yale University in 1990. Thereafter, he joined the IMF and served there from 1990 to 1995, covering the US, India, the Bahamas and Myanmar desks.