Till the Government appoints a replacement for Patel as the Deputy Governor, it will have to appoint one among the three DG --- R Gandhi, SS Mundra and NS Vishwanathan --- to oversee the critical monetary policy aspect in the interim.
With the name of executive director Michael Patra doing the rounds as Patel's replacement to be the Deputy Governor incharge of monetary policy, the Reserve Bank board will have to suggest a new person who becomes the third member of the MPC.
After announcing the third bi-monthly policy review, his last as the head of RBI, outgoing Governor Raghuram Rajan had said that the next review on October 4 will be done by the MPC.
The MPC aims to shifts the decision making process from the current system which gives discretion to the Governor, to a panel-based approach where every member's call will count and the Governor will have a casting vote.
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Even though he has over three years of RBI experience under his belt, Patel as the Governor would also want his team to be in place as soon as possible.
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