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Michael Debabrata Patra appointed as RBI Deputy Governor, replacing Viral Acharya

Michael Debabrata Patra appointed as RBI Deputy Deputy Governor, replacing Viral Acharya

Michael Patra’s term as RBI Deputy Governor will be for the next three years from his appointment.

The government on Tuesday appointed Michael Debabrata Patra as the fourth deputy governor of the Reserve Bank of India (RBI). Presently, Patra is working as Executive Director at RBI. Michael Patra will replace Viral Acharya at RBI. Acharya resigned as deputy governor last year. Michael Patra’s term as RBI Deputy Governor will be for the next three years from his appointment.

The RBI currently has three deputy governors NS Vishwanathan, BP Kanungo and MK Jain. The Financial Sector Regulatory Appointment Search Committee (FSRASC) shortlisted the names of seven candidates for interview in November 2019 for appointment to the post of fourth deputy governor. The panel consisted of current RBI Governor Shaktikanta Das, Secretary of Financial Services and some other independent members.

Who is Michael Patra?

Michael Debabrata Patra, appointed to the post of Deputy Governor, has been the Executive Director in the RBI Monetary Policy Department. He is also a member of the MPC. In the last three RBI policies, Patra supported the cut in interest rates to give a boost to the economy.

Patra holds a PhD in Economics from IIT Mumbai. Prior to joining the Monetary Policy Department in October 2015, he was an advisor in the Department of Economic Analysis and was the policy in-charge of international finance, money and banking. Patra joined the Reserve Bank in 1985 and has held several responsibilities in the central bank during this period. He is a fellow of Harvard University.

Also Read : Due To Economic Slowdown, 16 Lakh Less Jobs Will Be Generated: SBI Ecowrap

Viral Acharya resigned in July 2019

RBI has four deputy governors but in July 2019, Viral Acharya resigned prematurely, due to which the post of a deputy governor was vacant. Acharya resigned six months before the completion of his term.

Viral Acharya had differences with the government on many issues, due to which he left the post. After a speech given in October 2018, it was decided that Viral Acharya would resign. Let me tell you, Viral Acharya was appointed Deputy Governor of RBI in January 2017. His tenure was three years.

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