Urjit Patel: India appoints ex-RBI chief as new IMF Executive Director
Virendra Pandit
New Delhi: The Government of India has appointed former RBI Governor Urjit Patel as the new Executive Director of the International Monetary Fund (IMF), the media reported on Friday.
His term will be for a period of 3 years from the date of assumption of charge of the post, or until further orders, whichever is earlier,” a notification issued by the Appointment Committee of the Cabinet said.
He will replace K V Subramanian, whose term was cut short earlier this year.
Patel had stepped down as the 24th RBI Governor in December 2018, about nine months ahead of the completion of his three-year term amid an alleged rift between the government and the central bank. After Sir Benegal Rama Rau, Patel was only the second sitting RBI Governor to quit since Independence. Rau had resigned before his second extended tenure expired, due to differences with the then Finance Minister.
Patel, under whose watch the NDA government’s demonetisation exercise was carried out, was promoted as RBI Governor after Dr Raghuram Rajan on September 4, 2016, after serving as Deputy Governor since January 2013.
He will take the place of K V Subramanian, who had to leave six months before his tenure was to end due to a government order on April 30, 2025, which stated that “ACC approved termination of Dr Krishnamurthy Subramanian as Executive Director (India) at the International Monetary Fund with immediate effect.” Subramanian had joined the multilateral agency in November 2022.
