Former Reserve Bank of India Governor Urjit Patel has been appointed as the Executive Director at the International Monetary Fund for a three-year term, succeeding K. Subramanian.
New Delhi: The Indian government announced on Friday the appointment of Urjit Patel, the former Governor of the Reserve Bank of India (RBI), as the Executive Director at the International Monetary Fund (IMF) for a term of three years.
The announcement was made through an official note stating, “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.”
In this new role, Patel will represent India and several neighboring countries, including Bangladesh, Bhutan, and Sri Lanka, at the Washington-based global financial institution.
This appointment marks Patel’s return to the IMF, where he began his career in 1990 after earning his Ph.D. He worked on various desks, including those for the United States, India, the Bahamas, and Myanmar, until 1995.
Following his tenure at the IMF, Patel was appointed to the RBI, where he played a crucial advisory role in several key areas, including the development of the debt market, banking sector reforms, pension fund reforms, and the targeting of the real exchange rate.
Patel became the 24th Governor of the RBI in September 2016, succeeding Raghuram Rajan. His tenure was characterized by significant policy interventions, notably the introduction of an inflation-targeting framework and the management of economic challenges following the government’s demonetization initiative in November 2016.
In December 2018, Patel resigned from his position as RBI Governor, citing personal reasons. His resignation followed a public dispute with the government regarding issues of central bank autonomy and surplus reserves.
As Patel steps into his new role at the IMF, his extensive experience in both national and international financial institutions is expected to contribute significantly to the representation of India and its neighboring countries.
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