Former RBI governor Urjit Patel named IMF executive director for three-year term

New Delhi – Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as an Executive Director at the International Monetary Fund (IMF) for a three-year term.

According to a notification issued by the Ministry of Personnel, Public Grievances and Pensions, "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."

The Appointments Committee, chaired by Prime Minister Narendra Modi, cleared Patel’s appointment.

The IMF’s Executive Board, comprising 25 directors elected by member nations or groups of countries, is responsible for the day-to-day functioning of the global financial institution. The Managing Director of the IMF serves as the Board’s Chairman.

Patel, who served as the 24th RBI Governor from September 2016 to December 2018, stepped down months before his tenure was scheduled to conclude. During his stint, he was also Director at the Bank for International Settlements and a member of the Advisory Board of the Financial Stability Institute.

Beginning his career as an economist at the IMF, Patel went on to serve as RBI Deputy Governor before taking over as Governor. Most recently, between 2022 and 2024, he held the post of Vice President (Investment Operations Region 1) at the China-backed Asian Infrastructure Investment Bank.