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Home / Business News / Michael Patra appointed RBI Deputy Governor, replaces Viral Acharya

Michael Patra appointed RBI Deputy Governor, replaces Viral Acharya

business Updated: Jan 14, 2020 15:34 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
The appointment of Michael Patra is cleared by the Appointments Committee of the Cabinet for a three-year term.
The appointment of Michael Patra is cleared by the Appointments Committee of the Cabinet for a three-year term.(File Photo/iitb.ac.in)
         

The Appointments Committee of the Cabinet (ACC) has appointed Michael Debabrata Patra as the Deputy Governor of the Reserve Bank of India (RBI). He will be the fourth deputy governor of the central bank; the post that has been lying vacant since June last year due to the resignation of Viral Acharya.

The appointment of Patra is cleared by ACC for a three-year term. He has been working in RBI since 1985 in various capacities.

Patra, who is currently an executive director of RBI, is likely to take over the monetary policy portfolio that was handled by Acharya.

Prior to the appointment as Deputy Governor, he has been associated with the Monetary Policy Department of the central bank as Adviser-in-Charge since March, 2006.

After the exit of Acharya, RBI has been functioning with three deputy governors - NS Vishwanathan, BP Kanungo and MK Jain. The central bank, which is headed by Governor Shaktikanta Das, can have a maximum of four Deputy Governors.

Patra, who has a PhD in Economics from IIT-Bombay, was adviser in the Department of Economic Analysis and Policy in charge of international finance, money and banking. His PhD thesis is on “The Role of Invisibles in India’s Balance of Payments: A Structural Approach”.

Patra did post-doctoral research in the area of financial stability from Harvard University. He has received professional training at the IMF Institute on Financial Programming and Policy and at the Centre for Central Banking Studies, Bank of England.