Patra reappointed as RBI DeputyGovernor for 1 year

Michael Patra has been reappointed as RBI governor for one year. He was initially appointed in January 2020 for a three-year tenure, which concludes on January 14. Patra was appointed deputy governor in place of Viral Acharya who quit in July 2019, six months ahead of his tenure. Prior to being appointed deputy governor, Patra was the executive director in charge of the monetary policy and was a member of the monetary policy committee.

He played a key role in developing the inflation-targeting and liquidity frameworks of the RBI.

A PhD in economics from the Indian Institute of Technology, Mumbai, Patra, served in various capacities in the RBI, which he joined in 1985. He is also a fellow of Harvard University, where he undertook post-doctoral research in financial stability.