Michael Patra appoints as new deputy governor of RBI

Michael Patra appoints as new deputy governor of RBI
Image Source: Google

On Tuesday, the Government of India appointed Michael Patra as the new deputy governor of the Reserve Bank of India (RBI). Michael Patra is currently the Executive Director at the central bank,  is in charge of the research department of RBI and has a seat in the six-member Monetary Policy Committee (MPC). 

He is assuming to continue in his new role for a duration of three years from the date of joining or until further orders as prescribed in a circular released by the Appointments Committee of the Cabinet. 

Michael Patra (59) has a doctorate in economics from the Indian Institute of Technology and was considered as a monetary policy hawk until late 2018. He had made five successive interest-rate cuts under Governor Shaktikanta Das in 2019. He succeeded Viral Acharya, who quit the job in July last year.