Michael Patra named RBI deputy governor six months after Viral Acharya quit
Patra is currently an executive director at the central bank and is likely to be in charge of monetary policy in his new role.
Reserve Bank of India Executive Governor Michael Patra was on Tuesday appointed a deputy governor at the central bank, the Appointments Committee of the Cabinet said. Patra will take the spot vacated by Viral Acharya in July 2019.
Patra will take over the new role for a period of three years. The statement issued by the government did not specify which role he will assume as deputy governor, but reports said he is most likely to be in charge of monetary policy.
Patra, who has a doctorate in economics from the Indian Institute of Technology, Mumbai, is already a member of the central bank’s Monetary Policy Committee, and voted for five successive cuts in interest rates in 2019 under Governor Shaktikanta Das.
Acharya had resigned six months before the scheduled end of his term. The central bank can have four deputy governors. The other spots are presently occupied by MK Jain, BP Kanungo and NS Vishwanathan.
