Former RBI Governor Urjit Patel appointed as IMF Executive Director for 3 years

Former RBI Governor Urjit Patel

The government has appointed Urjit Patel, the former Governor of the Reserve Bank of India (RBI), as an Executive Director of the International Monetary Fund (IMF) for a period of three years.

The Appointments Committee of the Union Cabinet has approved Patel's appointment. "The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier," an official order signed by the committee's Secretary Manisha Saxena showed.

Urjit Patel had served as the 24th Governor of the Reserve Bank of India (RBI) between 2016-18, succeeding Raghuram Rajan. During his tenure, he was also a member of the Bank for International Settlements, and served on the Advisory Board of the Financial Stability Institute.

Prior to his term, Urjit Patel served as a Deputy Governor at the RBI since January 2013. Between 2013-2018, he was a Deputy in the G-20, BRICS Finance Ministers and Central Bank Governors groups. During 2022-24, he served as a Vice President (Investment Operations Region 1) at the Asian Infrastructure Investment Bank.

He took charge as a Non Executive Director at Britannia Industries last year in August. After having earned his B.Sc degree in economics from the Queen Mary University of London, he completed his M. Phil from the University of Oxford. He then earned his PhD in economics from Yale University.

Patel had resigned as the RBI Governor before the end of his term, citing personal reasons. "On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," the then RBI Governor said in a statement.