Former RBI Governor Urjit Patel Appointed IMF Executive Director for 3 Years
New Delhi (The Uttam Hindu): The Central Government has approved the appointment of former Reserve Bank of India (RBI) Governor Dr. Urjit Patel as Executive Director at the International Monetary Fund (IMF) for a tenure of three years.
Dr. Patel, who took charge as the 24th RBI Governor in 2016 after Raghuram Rajan, played a pivotal role during one of India’s biggest economic decisions — demonetisation. His tenure is also remembered for introducing the 4% inflation target framework, which was later adopted by the Government as a key monetary policy goal to stabilize consumer price index (CPI)-based inflation.
In 2018, Dr. Patel resigned from the RBI citing personal reasons, making him the first RBI Governor to step down for personal grounds, and also the one with the shortest tenure since 1992.
Before becoming RBI Governor, Dr. Patel served as Deputy Governor, handling crucial departments such as monetary policy, economic research, statistics and information management, deposit insurance, communication, and RTI. He has also worked with the IMF earlier for five years, serving in Washington DC and later as Deputy Resident Representative in New Delhi in 1992.
Between 1998 and 2001, he served as an advisor in the Finance Ministry, and later held senior positions in both public and private companies including Reliance Industries, IDFC Ltd, MCX Ltd, and Gujarat State Petroleum Corporation. An economist with a strong academic background, Dr. Patel holds a Ph.D. in Economics from Yale University, an M.Phil. from Oxford University, and a B.Sc. from the University of London.
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