New Delhi, August 29, 2025 – Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as Executive Director at the International Monetary Fund (IMF) for a period of three years, a government notification said on Friday. The appointment was approved by the Appointments Committee of the Cabinet, according to the order dated August 28.
Mr. Patel, a seasoned economist, previously served as RBI Governor between September 2016 and December 2018, succeeding Raghuram Rajan. His tenure was marked by a public standoff between the central bank and the Union government over issues of autonomy and policy, culminating in his resignation before completing his term — the first RBI Governor since 1990 to do so.
Career Highlights
- IMF Experience: Mr. Patel has earlier worked at the IMF and was deputed from the Fund to the RBI during 1996–1997, where he contributed to debt market development, banking reforms, pension fund design, and the evolution of India’s foreign exchange market.
- Government Service: From 1998 to 2001, he served as a consultant to the Ministry of Finance (Department of Economic Affairs).
- RBI Tenure: Before becoming Governor, he was RBI Deputy Governor, where he played a central role in shaping India’s monetary policy framework, including the adoption of the inflation-targeting regime.
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