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According to a Personnel Ministry order issued on 28 August 2025, the Former Governor of Reserve Bank of India (RBI), Dr. Urjit R. Patel, has joined the International Monetary Fund (IMF) as the Executive Director. The appointment of Urjit Patel as IMF’s executive director was approved by the Appointments Committee of the Cabinet for 3 years.
“The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier,” the notice said.
Dr. Patel served as the 24th Governor of the Reserve Bank of India (RBI) from September 4, 2016, until his resignation on December 10, 2018. He succeeded Raghuram Rajan as the RBI governor. Patel resigned before completing his term, citing personal reasons. This made him the first RBI governor since 1990 to do so.
Recent appointment of Dr. Patel is not his first association with the International Monetary Fund (IMF). From 1996 to 1997, he was on deputation from the IMF to central bank. During this time, he provided advice on developing the debt market, reforming the banking sector, updating pension funds and enhancing the foreign exchange market.
Additionally, from 1998 to 2001, Dr. Urjit Patel served as a consultant for the Ministry of Finance under the Department of Economic Affairs. He has held various roles in the public as well as private sectors throughout his career.
The responsibility for conducting its day-to-day business lies with the executive board of the IMF. As per the official IMF website, the board consists of 24 executive directors elected by member countries/groups, headed by the managing director.
On the executive board, all IMF member countries are represented. The board reviews economic policies of each member at regional, national and international level. The financing of the IMF to assist members with temporary balance of payments issues is approved by the board. Also, the development initiatives are overseen by the board.
Source: LiveMint
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