Central government extends term of RBI Deputy Governor Michael Patra for one year

Tags: Person in news

The Central Government has extended the tenure of Dr. Michael Debabrata Patra as Deputy Governor of the Reserve Bank of India (RBI) for one more year with effect from January 15, 2023.

An overview of the news

• He took over as Deputy Governor of the RBI on 15 January 2020. Patra's three-year term ended on January 14. 

• He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

• Patra oversees the monetary policy department in his capacity as deputy governor of the central bank and also serves as a member of the rate-setting monetary policy committee.

• The six-member Monetary Policy Committee is headed by RBI Governor Shaktikanta Das.

• Apart from the Governor, RBI has four Deputy Governors. The three other deputy governors of the bank are MK Jain, M Rajeswara Rao and T Rabi Shankar.

• As a Fellow of Harvard University, he did post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Bombay.