Sabharwal assumed the position as Alternate Executive Director of the International Monetary Fund on Wednesday, a post considered one of the most powerful in the IMF.
President Barack Obama had nominated him for the post in April 2014, and then again in March 2015.
Sabharwal was born to an Indian father and Hungarian mother in Delhi. His parents separated when he was 9 years old and he later moved to Budapest.
He served as board chairmen of Ogone a European e-commerce payment services firm and eventually became a board adviser with a German network services company. He also worked as principal banker at the European Bank for Reconstruction and Development.
He has a BS from Ohio State University and an MS from the London Business School.