Govt appoints former RBI governor Urjit Patel as IMF executive director
This story was originally published at 13:17 IST on 29 August 2025
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NEW DELHI – The Appointments Committee of the Cabinet Thursday appointed former Reserve Bank of India governor and economist Urjit Patel as the executive director (India) of the International Monetary Fund for three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier, the notification said.
Patel will replace World Bank Executive Director (India) Parameswaran Iyer, who was holding the post as the temporary alternative executive director (India) of IMF after former ED Krishnamurthy Subramanian's term was abruptly terminated in May first week. Subramanian's term was terminated six months ahead of schedule, on the grounds of "diplomatic issues". A few "differences in opinion" between the IMF and Subramanian led to a tussle, a finance ministry official had told Informist.
Patel's appointment comes a little over a month ahead of the 2025 World Bank Group and IMF Annual Meetings scheduled in Washington D.C. from Oct. 13-19. Patel had taken over as the RBI governor after Raghuram Rajan in September 2016 and resigned from the post in December 2018, citing personal reasons, including tensions between the government and the central bank on various issues.
Patel, who had also served as RBI's deputy governor, was on deputation from the IMF to the central bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market. He was also a consultant to the finance ministry from 1998 to 2001. Patel is also the current chairman of the National Institute of Public Finance and Policy.
After doing his Masters in Philosophy in Economics from Oxford University, Patel earned his Doctorate in Philosophy in Economics from Yale University. End
Reported by Priyasmita Dutta
Edited by Nishant Maher
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