Govt extends RBI deputy governor Michael Patra's tenure by one year

The government has re-appointed Michael Patra as deputy governor, Reserve Bank of India for an additional period of one year with effect from January 15, 2023, the central bank said on Tuesday.

The Appointments Committee of the cabinet, headed by Prime Minister Narendra Modi, approved the re-appointment of Patra.

Patra, who is in charge of the monetary policy department and a member of the six-member Monetary Policy Committee, originally had a three-year tenure which was ending on January 14.

As deputy governor, Patra also looks at the Financial Markets Operations Department, the Financial Markets Regulation Department including Market Intelligence, the International Department and the Department of Economic and Policy Research.

He is also in charge of the Department of Statistics & Information Management, the Corporate Strategy and Budget Department and Financial Stability Unit.

Prior to being elevated to the position of deputy governor, Patra was an executive director with the RBI.

Patra, a central banker since 1985, was Principal Adviser of the Monetary Policy Department, from July 2012 to October 2014.  He has worked with the International Monetary Fund as a senior advisor to the executive director from December 2008 to June 2012.

He holds a Ph.D degree in economics from the Indian Institute of Technology, Mumbai and is a Fellow of Harvard University.

The three other deputy governors of the RBI are M K Jain, M Rajeshwar Rao and T Rabi Sankar.