New Delhi: The government has approved the appointment of former Reserve Bank of India (RBI) Governor Urjit Patel as Executive Director (ED) at the International Monetary Fund (IMF) for a three-year term. He will succeed K V Subramanian, whose tenure was cut short by six months, effective April 30, 2025.

The Appointments Committee of the Cabinet (ACC) issued a government order on August 28, 2025, confirming Patel’s appointment, which will take effect from the date he assumes charge of the post or until further orders. The IMF’s executive board comprises 25 directors, elected by member countries or groups, with India being part of a four-country constituency including Bangladesh, Sri Lanka, and Bhutan.

Before this new role, Patel served as Vice President for Investment Operations (Region 1) at the Beijing-based Asian Infrastructure Investment Bank (AIIB), from which he resigned in January 2024 due to family health reasons. Patel was the 24th Governor of the RBI, assuming office in 2016 following Raghuram Rajan, and resigned in December 2018 amid a disagreement with the government over central bank dividend transfers.

Patel’s previous experience includes serving as Deputy Governor of the RBI, overseeing monetary policy, economic research, statistics, deposit insurance, communications, and Right to Information. He also worked as a consultant for the Ministry of Finance from 1998 to 2001 and held positions in both public and private sectors, including Reliance Industries, IDFC Ltd, MCX Ltd, and Gujarat State Petroleum Corporation.

Born in 1963, Patel completed his Bachelor’s in Economics from the London School of Economics, an MPhil from Oxford University in 1986, and a PhD in Economics from Yale University in 1990. He began his career at the IMF in 1990, serving until 1995 and covering the US, India, the Bahamas, and Myanmar desks.