Government appoints former RBI Governor Urjit Patel as IMF Executive Director

The authorities has accepted the appointment of former Reserve Bank of India (RBI) Governor Urjit Patel as Executive Director on the International Monetary Fund (IMF) for a interval of three years.

He will change Okay.V. Subramanian, whose companies have been terminated by the federal government six months forward of his three-year tenure. The termination took impact on April 30.

The Appointments Committee of the Cabinet has cleared the appointment of Mr. Patel, an economist and former RBI Governor, to the publish of Executive Director (ED) on the IMF for a three-year time period with impact from the date of assumption of cost, or till additional orders, in keeping with a authorities order dated August 28.

The IMF’s government board consists of 25 administrators (Executive Directors or EDs) elected by member international locations or teams of nations. India is a part of a four-country constituency, together with Bangladesh, Sri Lanka, and Bhutan.

Prior to this appointment, Mr. Patel served as Vice-President for Investment Operations (Region 1) on the Beijing-based Asian Infrastructure Investment Bank (AIIB). He resigned from the place in January 2024 citing household well being causes.

Mr. Patel was the twenty fourth Governor of the RBI, taking cost in 2016 after Raghuram Rajan. He resigned abruptly in December 2018 following variations with the federal government over the switch of the central financial institution’s surplus. Before that, he had served as Deputy Governor, overseeing financial coverage, financial coverage analysis, statistics and knowledge administration, deposit insurance coverage, communication, and proper to info.

Born in 1963, Mr. Patel was a advisor to the Ministry of Finance between 1998 and 2001, and held assignments in each the private and non-private sectors, together with with Reliance Industries, IDFC Ltd., MCX Ltd., and Gujarat State Petroleum Corporation.

An alumnus of the London School of Economics, Mr. Patel obtained his M.Phil. in Economics from Oxford University in 1986 and a Ph.D. in Economics from Yale University in 1990. He joined the IMF thereafter, serving from 1990 to 1995 on the U.S., India, Bahamas, and Myanmar desks.