Urjit Patel appointed as IMF’s executive director
Former Reserve Bank of India (RBI) governor Urjit Patel has been named Executive Director of the International Monetary Fund (IMF). For the next three years, Patel will remain in this role.
According to a government announcement released on Friday, August 29, 2025, Urjit Patel, a former governor of the Reserve Bank of India, has been named executive director of the International Monetary Fund.
Following a protracted public dispute between the RBI and the administration of Prime Minister Narendra Modi, the resignation was made.
In 2016, Urjit Patel succeeded Raghuram Rajan as the 24th governor of the RBI. But for personal reasons, he resigned in 2018. India’s new inflation targeting strategy is credited to Patel. The administration set an inflation target of 4% CPI as a result of the study produced under his direction.
Daily Routine Work: The IMF’s Executive Director is in charge of the day-to-day routine work. They serve on the IMF board, which carries out the organization’s directives.
Member Country Representation: Patel will speak for India and a few other nations that are a part of his group. He will update the board on these nations’ economic policies and interests.
According to the August 28 decision, Mr. Patel, an economist and former RBI Governor, has been appointed by the Cabinet’s Appointments Committee to the position of Executive Director, International Monetary Fund, for a three-year term.
While on IMF deputation to the central bank from 1996 to 1997, Mr. Patel—who had previously been the RBI’s Deputy Governor—offered guidance on the evolution of the foreign exchange market, the development of the debt market, and reforms to the banking and pension fund sectors.
From 1998 to 2001, Patel also served as an advisor in the Ministry of Finance. In addition, he has held a number of significant positions in both government and private organizations, including Gujarat State Petroleum Corporation, IDFC Limited, MCX Limited, and Reliance Industries.
