Dr. Michal Patra holds the office of Deputy Governor of RBI after former Deputy Governor Viral Acharya left the office on July 23. Dr. Patra has received his doctorate in Economics from IIT Bombay.
Crux of the Matter
The post of Deputy Governor was vacant since July 23. Michal Patra filled the post and will look after the key monetary policy department.
As deputy governor, Patra will look after the Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), as per the Central Bank.
He will also handle other departments like Financial Markets Operations Department, Financial Markets Regulation Department including Market Intelligence, International Department, Department of Economic and Policy Research, Department of Statistics and Information Management, Corporate Strategy and Budget Department and Financial Stability Unit.
The other three posts of Deputy Governors in RBI are held by Deputy Governor N. S. Vishwanathan, Deputy Governor B. P. Kanungo and Deputy Governor M. K. Jain.
Curiopedia
Dr. Michael Patra – Dr. Patra joined the Reserve Bank of India (RBI) in 1985. Before his appointment as deputy governor, Dr. Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2016—and as such, was an internal member of the powerful Monetary Policy Committee. Earlier, Patra served as an adviser in charge of international finance, money, and banking in RBI’s department of economic analysis. More Info
About 4 RBI Deputy Governors – Two of the four deputy governors are traditionally from RBI ranks and are selected from the bank’s executive directors. One is nominated from among the chairpersons of public sector banks and the other is an economist. More Info
Monetary Policy Committee – The Monetary Policy Committee of India is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting. More Info
Curated Coverage
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