Former RBI Governor Urjit Patel Appointed as IMF Executive Director
The government has appointed former Reserve Bank of India (RBI) Governor Urjit Patel as India's Executive Director at the International Monetary Fund (IMF) for a three-year term. Patel, who served as RBI Governor from 2016 to 2018, will represent a constituency of countries including India, Bangladesh, Sri Lanka, and Bhutan on the IMF's executive board. This marks Patel's second stint at the IMF, where he previously worked from 1990 to 1995.
Unpacked:
An IMF Executive Director represents the interests of their constituency—including India, Bangladesh, Sri Lanka, and Bhutan—on the IMF Executive Board. They participate in policy discussions, oversee lending decisions, review economic developments, and vote on governance matters affecting member countries.
Urjit Patel resigned as RBI Governor in December 2018, citing personal reasons. However, reports suggest his departure followed disagreements with the government over issues such as central bank autonomy and dividend transfers.
Urjit Patel replaced Krishnamurthy V Subramanian as India's IMF Executive Director. Subramanian's term was terminated about six months before its scheduled completion, though official details regarding the reason were not provided.
Urjit Patel has extensive experience in central banking, economic policy, and global finance. He previously worked at the IMF, helped design India’s inflation-targeting framework, guided the RBI during demonetisation, and held senior roles in both public and private sectors.