Vadodara, July 18 (PTI): Indravadan Gordhanbhai Patel, former governor of the Reserve Bank of India (RBI) and director of London School of Economics, died in a hospital in New York on Sunday night. He was 81.

Patel, who was born here, was a well-known economist and had occupied some of the highest positions in economic policy making, both at home and abroad.

In 1949, at the age of 25 years, Patel became the principal of Baroda College and also taught there as a professor of economics.

Later, he joined the research department of the IMF.

Patel became the economic adviser in the Union finance ministry in 1954 and served in various positions in the government for 18 years.

He was the deputy administrator of the UN Development Programme for two years.

Patel was appointed the governor of the Reserve Bank of India on December 1, 1977.