Former Reserve Bank of India (RBI) Governor Dr. Urjit Patel has been appointed as the Executive Director (ED) at the International Monetary Fund (IMF) for a term of three years. This appointment was approved by the Appointments Committee of the Cabinet and marks his return to the global financial institution where he began his career decades ago. Patel succeeds Krishnamurthy Subramanian, whose term was abruptly cut short earlier this year. His selection reflects his vast experience in economic policy, central banking, and international finance.

Successor

Urjit Patel takes over the IMF executive director position from Krishnamurthy Subramanian, who was recalled before completing his term amid controversy related to internal IMF protocols. Patel will now represent not only India but also neighbouring countries including Bangladesh, Bhutan, and Sri Lanka at the Washington-based IMF. This role positions him at the helm of significant discussions on national, regional, and global economic policies, as well as overseeing financing to address balance of payments issues for member nations.

Previous Career and Contributions

Before his IMF appointment, Patel served as the 24th Governor of the RBI from September 2016 until his resignation in December 2018. His tenure was marked by important policy steps, notably the introduction of the inflation-targeting framework and managing the economic challenges following the demonetisation of high-value currency notes in 2016. His decision to resign mid-term was unprecedented in recent decades, citing personal reasons amid differences with the government over central bank autonomy. Prior to being governor, Patel was a deputy governor at the RBI from 2013, where he contributed to banking sector reforms and financial stability. He also represented India in international forums such as the G20 and BRICS finance groups.

Patel’s earlier career included significant roles outside the RBI. He began at the IMF in 1990, working on economic policy for India and other countries during a critical phase of economic liberalisation. He has served on high-level committees in India advising on infrastructure, civil aviation, telecom reforms, and pension systems. His academic credentials include an Economics PhD from Yale University, an MPhil from Oxford University, and a BSc from the University of London. Patel has also held roles in the private sector, including senior positions at Reliance Industries and the Infrastructure Development Finance Company. More recently, before this appointment, he served as Vice President for investment operations at the Asian Infrastructure Investment Bank and chaired the National Institute of Public Finance and Policy.

With his comprehensive background in economics, central banking, and international finance, Urjit Patel’s appointment comes at a crucial time when the IMF faces global economic uncertainties and challenges. His expertise is expected to strengthen India’s influence and collaboration within multilateral financial frameworks.

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