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Government appoints Michael Patra as new RBI deputy governor

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Patra, right, speaks to former RBI Governor Urjit Patel during a news conference in Mumbai on Dec. 5, 2018. (Image source: Bloomberg)

The government on Tuesday appointed Michael Patra as the deputy governor of the Reserve Bank of India (RBI).

Patra, who is presently the Executive Director at the central bank and is in charge of the research department of RBI has a seat on the six-member Monetary Policy Committee (MPC).

He will assume his new role for a period of three years from the date of joining or until further orders, a circular released by the Appointments Committee of the Cabinet read.

Patra, 59, who has a doctorate in economics from the Indian Institute of Technology, was considered a monetary policy hawk until late 2018. He made a sharp reversal under Governor Shaktikanta Das, voting for five successive interest-rate cuts in 2019.

He replaces Viral Acharya, who quit the office in July last year.

(with inputs from Bloomberg)