Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as an Executive Director of the International Monetary Fund (IMF) for a three-year term. The appointment was approved by the Appointments Committee of the Cabinet, according to an order issued by the Personnel Ministry on August 28.

Patel took charge as the 24th Governor of the RBI on September 4, 2016. However, he resigned on December 10, 2018, before completing his term, citing personal reasons. His resignation came a day before the end of his tenure and marked the first time since 1990 that an RBI Governor stepped down before completing a term.

Early life and career

An economist by training, Urjit Patel has had a long association with both the RBI and the IMF. He had earlier served at the International Monetary Fund, and during 1996–1997, he was on deputation from the IMF to the RBI. In that role, he provided advice on important areas such as the development of India’s debt market, reforms in the banking sector, pension fund reforms, and the evolution of the foreign exchange market.

Before becoming RBI Governor, Patel also worked as the Deputy Governor of the RBI, where he was involved in monetary policy, economic research, and financial stability issues. His work on inflation targeting and monetary policy frameworks was considered significant during his tenure.

Between 1998 and 2001, he served as a consultant to the Ministry of Finance (Department of Economic Affairs). Over his career, Patel has also taken up assignments in both public and private institutions, contributing to economic policy and financial reforms.

With his new role at the IMF, Patel brings with him decades of experience in central banking, financial reforms, and international economics, which are expected to strengthen India’s representation at the global financial body.