Former Reserve Bank of India (RBI) Governor, Dr. Urjit Patel, has been appointed as the Executive Director (ED) at the International Monetary Fund (IMF) for a three-year term. The Appointments Committee of the Cabinet (ACC) approved his appointment. He will be succeeding Dr. Krishnamurthy Subramanian.

Dr. Patel's career has been marked by significant roles in both national and international economic policy. Prior to this appointment, he served as the 24th Governor of the RBI from September 2016 to December 2018. His tenure at the RBI, though relatively short compared to his predecessors, was marked by crucial monetary policy decisions and steering India's financial system through major economic reforms, including the demonetization and the introduction of the Goods and Services Tax (GST). He resigned from the post amidst public spat.

The official order confirming Patel's appointment was issued on Thursday by the Department of Personnel and Training (DoPT). It stipulates that his term will last for three years from the date he assumes charge or until further orders, whichever is earlier.

Before his stint as RBI Governor, Patel had longstanding ties with the IMF, having worked with the institution earlier in his career. He has also served in various advisory positions in government and policy-making bodies, focusing on financial regulation and macroeconomic stability. He has also held roles at the AIIB.

Patel's return to the IMF is viewed as a strategic move that could enhance India's influence within the organization, especially as the global economy faces challenges such as inflation, uneven recovery, and geopolitical tensions. His expertise in central banking and fiscal frameworks is expected to be a valuable asset in the Fund's policy discussions.