India's Ex-RBI Governor Urjit Patel Steps into IMF Leadership
- Former RBI Governor Urjit Patel appointed as IMF Executive Director for three years.
- Served as RBI Governor (2016–2018), Deputy Governor, and had previous IMF experience.
- Fifth RBI Governor in India to resign early; brings extensive national and international economic expertise to IMF.
Former Reserve Bank of India Governor Urjit Patel has been appointed as Executive Director at the International Monetary Fund (IMF) for a period of three years, according to a government statement issued on Friday, August 29, 2025.
The Appointments Committee of the Cabinet approved Mr. Patel’s appointment, formalized through an order dated August 28. Patel, an experienced economist, previously held the role of RBI Governor from September 2016 until his resignation in December 2018. His decision to step down came after a prolonged public disagreement between the RBI and Prime Minister Narendra Modi’s government. He was the fifth RBI Governor in independent India to resign before completing his tenure and the first since 1990 to leave office early.
Before becoming the RBI Governor, Patel served as the bank’s Deputy Governor and had a long association with the IMF. He was on deputation from the IMF to the RBI during 1996–1997, advising on reforms in the debt market, banking sector, pension funds, and the foreign exchange market. Between 1998 and 2001, he worked as a consultant to the Ministry of Finance’s Department of Economic Affairs. He has also undertaken multiple roles in both public and private sectors over his career.
Patel succeeded Raghuram Rajan as RBI Governor in 2016 and led the central bank through a challenging period marked by banking reforms and monetary policy adjustments. His tenure witnessed significant debates on central bank independence and policy decisions, culminating in his resignation for personal reasons.
With his new role at the IMF, Patel will contribute to global economic policy and decision-making, drawing on his deep experience in India’s financial system as well as his previous international exposure. His appointment reflects India’s continued engagement with international economic institutions and adds an experienced voice to the IMF’s leadership team.
