Former RBI Governor Urjit Patel Appointed IMF Executive Director

Urjit Patel, former Reserve Bank of India governor, has been appointed as an Executive Director at the International Monetary Fund. He will serve a term of three years at the Washington DC-based multilateral lender.

"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," a notification from the Ministry of Personnel, Public Grievances and Pensions said.

The appointments committee is headed by Prime Minister Narendra Modi.

The Executive Board of the IMF is responsible for conducting the day-to-day business of the agency. It is composed of 25 directors, who are elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman.

Urjit Patel served as the twenty-fourth governor of the RBI between September 2016 and December 2018. His exit from the central bank was abrupt, months before the fixed three-year tenure was due to end.

During his tenure, he was the director of the Bank for International Settlements and a member of the Advisory Board of the Financial Stability Institute. 

Patel began his career as an economist with the IMF.

He was also a Deputy Governor at the RBI. During 2022-24, he served as a Vice President (Investment Operations Region 1) at the China-backed Asian Infrastructure Investment Bank.