Former Reserve Bank of India Governor Urjit Patel appointed IMF executive director

Former RBI Governor Urjit Patel has been appointed as an Executive Director at the International Monetary Fund (IMF), the government announced on Friday.

Urjit Patel became RBI Governor in September 2016, succeeding Raghuram Rajan, and stepped down in December 2018, citing personal reasons.

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Urjit Patel’s resignation in 2018 followed a prolonged public dispute between the RBI and the Modi government.

According to an order dated August 28, the Appointments Committee of the Cabinet has approved his appointment as Executive Director at the IMF for a three-year term.

He was also the first RBI Governor since 1990 to step down before completing his tenure.

Urjit Patel had earlier worked with the IMF and also served as RBI Deputy Governor. In 1996–97, while on deputation from the IMF to the RBI, he advised on debt market development, banking reforms, pension reforms, and forex market evolution.

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From 1998 to 2001, he was a consultant to the Finance Ministry’s Department of Economic Affairs, and has since held various roles in both the public and private sectors.