Urjit Patel, former governor of the Reserve Bank of India (RBI), has been appointed executive director of the International Monetary Fund (IMF), according to a government statement issued on Friday.
Key Highlights
- India appoints former RBI Governor Urjit Patel as IMF Executive Director for a three-year term.
- Patel, an economist with IMF roots and central banking experience, strengthens India's global financial representation.
The announcement came nearly four months after former chief economic adviser (CEA) Krishnamurthy V Subramanian's term at the Bretton Woods Institution was cut short and recalled by the government.
The Appointments Committee of Cabinet appointed Patel to the post for three years.
Patel, a monetary economist, succeeded Raghuram Rajan as the RBI governor in 2016. He had previously served as the central bank's deputy governor for more than three and a half years.
He served as RBI governor for one of the shortest periods of time, leaving the position in 2018 for personal reasons. During his time in office, Patel appeared to be at odds with the government on a number of issues, including his insistence on maintaining high rates even as inflation dropped, which ultimately reached 1.5%.
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In 2020, Patel assumed the role of chairman of the National Institute of Public Finance and Policy (NIPFP). He previously served as vice president for investment operations in South Asia at the Asian Infrastructure Investment Bank, which is headquartered in Beijing.
