The 24th Governor of the Reserve Bank of India, Urjit Patel, resigned from his position on 10 December 2018, citing personal reasons after a tenure marked by the government-led demonetisation of 500 and 1000 rupee banknotes. His career spans decades of economic advisory work, international monetary oversight, and high-level appointments across both private industry and public banking sectors.
Early Education and Academic Foundation
Born in Nairobi in 1963 to Manjula and Ravindra Patel, Urjit Patel attended the Visa Oshwal Primary School and Jamhuri High School in Kenya. His grandfather originally migrated from Mahudha village in the Kheda district of Gujarat. Patel pursued higher education internationally, earning a Bachelor of Science from the University of London in 1984, followed by an M.Phil. from the University of Oxford in 1986. He concluded his academic training in 1990 with a Ph.D. in economics from Yale University.
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Patel joined the International Monetary Fund in 1990, where he focused on the US, India, Bahamas, and Myanmar desks until 1995. During this period, he was part of the IMF India Desk during the 1991–94 transition. Following his IMF tenure, he moved to the Reserve Bank of India on deputation, advising on debt markets, banking reforms, and pension fund structures. Between 2000 and 2004, he served on numerous state and central government committees, including the Prime Minister's Task Force on Infrastructure, the Expert Group on State Electricity Boards, and the Competition Commission of India.
Leadership at the Reserve Bank of India
In 2013, Patel became Deputy Governor of the Reserve Bank of India, a role he held until his appointment as the 24th Governor on 20 August 2016. He became a naturalised Indian citizen that same year. His governorship coincided with the 2016 demonetisation policy aimed at curbing black money and fake currency. His departure in 2018 followed reports of policy friction regarding fiscal deficit management and monetary policy easing. Despite these disagreements, his service was acknowledged by the Prime Minister and the Finance Minister upon his resignation.
Later Roles and Institutional Affiliations
Patel's career includes significant private and multilateral roles. He served as an executive director at the Infrastructure Development Finance Company from 1997 to 2006 and later as President of Business Development at Reliance Industries. He has held directorships at Britannia Industries and John Cockerill India. In June 2022, he was appointed Vice President for investment-operations at the Asian Infrastructure Investment Bank. In August 2025, he began a three-year term as the Executive Director at the International Monetary Fund, representing India, Bangladesh, Bhutan, and Sri Lanka.
Fast facts
- Born: 1963, Nairobi
- Citizenship: Kenya, India
- Education: Yale University, University of London, University of Oxford, Linacre College
- Governor of the Reserve Bank of India: 2016–2018
- Wilbur Cross Medal recipient: 2019
- Languages: English
Questions readers ask
What is Urjit Patel's current professional role?
As of August 2025, he serves as the Executive Director at the International Monetary Fund representing India, Bangladesh, Bhutan and Sri Lanka.
Why did he resign from the Reserve Bank of India?
He cited personal reasons for his resignation, though observers noted differences with the government regarding fiscal deficit policy and economic growth strategies.
Achievements
- Wilbur Cross Medal — 2019
- Educated at Linacre College and Yale University
