Urjit Patel Biography: Check Education, Professional Career and Awards of Former RBI Governor

Urjit Patel, the former Governor of Reserve Bank of India (RBI), has been appointed as Executive Director of the International Monetary Fund by the Indian Prime Minister, Narendra Modi. The appointment committee of the cabinet has approved his appointment for a period of three years. His appointment brings him back to the institutions where he began his professional journey more than three decades ago.

The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge… pic.twitter.com/NLp43FPds0

— Press Trust of India (@PTI_News) August 29, 2025

In this article we will explore his early life, education, his career timeline and his recognition and awards.

Key Highlights about Urjit Patel, Former RBI Governor

Urjit Patel is a renowned Indian economist and former Governor of the Reserve Bank of India, widely respected for his expertise in monetary policy and economic reforms. Recently, he has been appointed as an Executive Director at the International Monetary Fund (IMF) for a period of three years by the Indian Government. Here is given biography in below the table: 

Who is Urjit Patel?

Urjit Patel, an economist and the 24th Governor of the Reserve Bank of India (2016–2018), played a key role in implementing inflation-targeting and navigating demonetisation. Educated at LSE, Oxford, and Yale, he earlier worked with the IMF. Patel resigned citing personal reasons, later authoring Overdraft on India’s banking crisis.

What was the Early Life and Education of Urjit Patel?

Urjit Patel was born in Kenya, and he had a distinguished career spanning international finance, Indian policymaking, and the corporate sector. During his academic foundation, he was impressive in his educations and he did 

• B.Sc. in Economics from London School of Economics in 1984

• M.Phill. Economics from Oxford University in 1986

• Ph.D. Economics from Yale University in 1990 

Urjit Patel has also been associated with the Brookings Institution in Washington, D.C., as a Non-Resident Senior Fellow since 2009.

Career Highlights of the Urjit Patel

• 1990–1995 – He began as an economist at the IMF, focusing on the U.S., India, Bahamas, and Myanmar.

• 1996–1997 – On IMF deputation to RBI, where he worked on debt markets, exchange rate management, and banking sector reforms.

• 1998–2001 – Consultant with the Ministry of Power and the Department of Economic Affairs.

• 1997–2006 – Served as Executive Director at Infrastructure Development Finance Company (IDFC).

• 2000–2004 – Part of several government committees on taxation, infrastructure, telecom, aviation, pensions, and reforms.

• Corporate Roles – Advisor at Boston Consulting Group; President of Business Development at Reliance Industries; board-level positions at Gujarat State Petroleum Corporation and Multi Commodity Exchange.

• 2013–2016 – Deputy Governor of RBI and Director at State Bank of India.

• 2014 – Chaired the Monetary Policy Reform Committee (popularly known as the Urjit Patel Committee), which recommended a 4% CPI inflation target.

• 2016–2018 – Served as the 24th Governor of RBI before resigning in December 2018.

• 2020 – Chairman, National Institute of Public Finance and Policy (NIPFP).

• 2021 – Independent Director, Britannia Industries.

• 2022 – Vice President at the Asian Infrastructure Investment Bank (AIIB), overseeing South Asia, Southeast Asia, and the Pacific Islands.

• 2025 – Appointed as Executive Director at the IMF.

Recognition and Awards of Former RBI Governor Urjit Patel

Urjit Patel also represented India’s in G-20 and as a Finance Minister of BRICS and as a Central Bank Governor’s group between 2013 to 2018. He has been honored with the Wilbur Cross Medal by Yale University and is an Honorary Fellow of Linacre College, Oxford.

Conclusion

Urjit Patel, who was also a former Rbi Governor of India after Raghuram Rajan, has been appointed as Executive Director at the International Monetary Fund (IMF) by the Indian Government. From leading India’s monetary reforms as RBI Governor to contributing globally at AIIB and IMF, his journey highlights expertise, integrity, and continued commitment to strengthening international financial governance.