Michael Patra named new RBI deputy governor

The central government has appointed Michael Patra as deputy governor of the Reserve Bank of India for three years. He replaces Viral Acharya, who demitted office last year.

Patra, who will take over as the fourth deputy governor, is likely to manage key portfolios such as monetary policy. Patra has been associated with the monetary policy department since October 2005. Currently, he is executive director and a member of the Monetary Policy Committee (MPC).

Patra has closely worked with former central bank governors Raghuram Rajan and Urjit Patel. He was essentially seen as an inflation hawk, raising inflationary concerns and voting against rate cuts.

However, Patra has notably softened his stance on inflation since December 2018 when Shaktikanta Das took over as RBI governor. He has consistently voted in favour of rate cuts to spur growth.

Patra has served as an advisor in the Department of Economic Analysis and Policy, and supervised verticals like international finance, money, and banking. He joined the central bank in 1985 where he donned various caps.

Patra is a fellow at the Harvard University and has authored a doctoral research paper in the area of financial stability. He also holds a PhD degree in economics from IIT Mumbai.