Former Reserve Bank of India (RBI) Governor Dr. Urjit Patel has been appointed as the Executive Director of the International Monetary Fund (IMF) for a three-year term. The Government of India has approved his appointment. Interestingly, this marks Dr. Patel’s return to the IMF after almost 30 years. Earlier, he had worked with the IMF for five years in Washington DC and later as Deputy Resident Representative in New Delhi in 1992.
🎓 Academic Background
Dr. Urjit Patel has an impressive academic profile:
- PhD in Economics – Yale University
- M.Phil – Oxford University
- B.Sc. – University of London
His selection comes at a time when the tenure of the current Executive Director (India), Krishnamurthy V. Subramanian, ended six months earlier than expected.
🏦 Tenure as RBI Governor
- Dr. Patel became the 24th Governor of RBI in 2016, replacing Raghuram Rajan.
- He is remembered for his role during India’s demonetisation in November 2016.
- In December 2018, he resigned citing personal reasons, making him the first RBI Governor to step down voluntarily.
- Earlier, as Deputy Governor of RBI, he handled key areas such as monetary policy, economic research, deposit insurance, and statistics management.
🌍 Strategic Importance of His Appointment
Dr. Patel’s appointment is also seen as significant in global politics. India has strongly criticized the IMF bailout packages to Pakistan, raising concerns that the funds could be misused for cross-border terrorism or military activities.
With Urjit Patel representing India at the IMF, his presence is expected to help safeguard India’s economic and strategic interests at the international level.
👉 Urjit Patel’s return to the IMF is not just a professional comeback but also a strategic move for India’s global financial diplomacy.
