Centre appoints Michael Patra as RBI Deputy Governor

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

Michael Patra was appointed deputy governor of the Reserve Bank of India, beefing up the leadership of the institution at a time of economic and banking stress.

He’ll take office for a period of three years from the date of joining or until further orders, according to a statement from the Appointments Committee of the Cabinet.

A career central banker, Patra is currently executive director in charge of the RBI’s research department and has a seat on the six-member Monetary Policy Committee.

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.