Indian Monetary Policy Expert Michael Patra reappointed as RBI Deputy Governor for 1 more year

The Deputy Governor of the Reserve Bank of India (RBI), Michael D. Patra, responsible for monetary policy and a member of the monetary policy committee, has been granted a one-year extension before the conclusion of his current term.
Mr. Patra, alongside RBI Governor Shaktikanta Das, played a pivotal role in addressing the economic impact of COVID-19. The Appointments Committee of the Cabinet has approved the re-appointment of Dr. Michael Debabrata Patra for an additional one-year term, effective from 15.01.2024, or until further orders, as stated in a release from the Centre.
Who is Michael Patra?
Michael Patra pursued his PhD from IIT Mumbai. He is also a Fellow of Harvard University, where he pursued his post doctoral research in financial stability. Patra joined the RBI in 1985. He has held several roles in the apex bank since then. He served at the Adviser in the Department of Economic Analysis and Policy in charge of international finance, money and banking before moving to Monetary Policy Department in 2005. Michael Debabrata Patra has been a part of MPC since its inception. He is considered to be a monetary policy hawk.
Michael Patra Education
Michael Debebrata Patra was born in Cuttack, Odisha, to an Odia Christian family. He studied at Ravenshaw College for his graduation and Utkal University for his post-graduation. Patra holds a PhD in economics from the Indian Institute of Technology Bombay in Mumbai. His doctoral thesis was titled “The Role of Invisibles in India’s Balance of Payments: A Structural Approach.”
After completing his PhD, Patra went to Harvard University for post-doctoral research on financial stability as a fellow. Additionally, he received professional training at the IMF Institute on Financial Programming and Policy and at the Bank of England’s Centre for Central Banking Studies.
Michael Patra Career
Patra is a 1985 batch RBI officer. Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—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. From December 2008 and June 2012, Patra served on deputation to the International Monetary Fund as senior adviser to India’s executive director at the fund.
Michael Patra appointed as RBI Deputy Governor
In January 2020, Michael Debebrata Patra became a Deputy Governor of the Reserve Bank of India (RBI). This appointment was made by the Appointments Committee of the Cabinet, based on the recommendation of the Cabinet Secretary-led Financial Sector Regulatory Appointment Search Committee. He was appointed for a period of three years, taking over from Viral Acharya, who had resigned in July 2019. Notably, Patra is the first RBI career economist to be promoted to this position.
Starting from January 15, 2020, Patra took on the role of deputy governor. His responsibilities include overseeing various departments at the RBI, such as monetary policy, financial markets operations, financial markets regulation, international affairs, economic and policy research, statistics and information management, corporate strategy and budget, and the financial stability unit. As the deputy governor in charge of the monetary policy department, Patra also became an automatic member of the Monetary Policy Committee.