Michael Patra appointed as new deputy governor of RBI
The Central Government may appoint Michael Patra as the new Deputy Governor of the Reserve Bank. Patra will be the fourth deputy governor of RBI and he is expected to have a monetary policy case like Acharya. The same Patra's term can be 3 years. The new deputy governor has previously held the post of executive director in the monetary policy department.
He is also a member of the Monetary Policy Committee (MPC). In the last 3 policy meetings, Patra supported the cut in the interest rate to accelerate the pace of the economy. Michael's full name is Michael Devavrata Patra. He has a Ph.D. in Economics from IIT Mumbai. He was a consultant in the Department of Economic Analysis before being sent to the Monetary Policy Department in October 2005. He joined the Reserve Bank in the year 1985 and has served in a number of posts since then. He has been a fellow of Howard University.
There he did post doctoral research on financial stability. Apart from Patra, the Reserve Bank already has 3 deputy governors in the form of NS Vishwanathan, BP Kanungo and MK Jain. Shaktikanta Das is the Governor of RBI. The same Acharya resigned in July 2019, 6 months before the completion of his term. Although Acharya had spoken out of resignation due to personal reasons, there was speculation that he resigned due to a confrontation between the government and the central bank over various issues.