The Government of India on Tuesday announced the appointment of Michael Debaprata Patra as the Deputy Governor of the Reserve Bank of India. Michael is currently working as an Executive Director at the central bank. His appointment comes six months after former Deputy Governor Viral Acharya pre-maturely resigned from his post.
Patra will serve the central bank for a period of three years since his appointment date which is yet to be specified by the government.
Patra will be joining the three Deputy Governors who are already serving the bank. These governors are, NS Vishwanathan, BP Kanungo and MK Jain.
Patra, 59, currently has a seat on the six-member Monetary Policy Committee. Although it is not yet clear what role he will take up as the Dy. Governor, an RBI official said it is most likely that he will be in charge of monetary policy and remain on the MPC.
Patra holds a doctorate in economics from Indian Institute of Technology. He was considered a monetary policy hawk until late 2018. He made a sharp reversal under Governor Shaktikanta Das, voting for five successive interest-rate cuts in 2019. In voting to keep rates steady in December Patra said India needs urgent policy responses to counter the growth downturn.
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