Bhubaneswar, Jan 14 (LocalWire) The central government has appointed Odisha born noted economist Michel Debabrata Patra as new Deputy Governor of Reserve Bank of India.
He will hold the post for three years. He would replace Viral V Acharya, who resigned from the position of Deputy Governor in June last year.
He is currently serving as executive director of the Monetary Policy Department of the RBI, according to a press release issued by the appointment committee of the cabinet.
Patra is the fourth Deputy Governor of the RBI along with NS Vishwanathan, BP Kanungo, and MK Jain.
Know more about Michael Debabrata Patra:
Noted banker Patra, aged 59, a native of Cuttack, did his graduation from the Ravenshaw University and post-graduation from Utkal University.
He pursued his PhD from IIT Mumbai. His PhD thesis was entitled “The Role of Invisibles in India’s Balance of Payments: A Structural Approach.”
He is also a Fellow of Harvard University, where he pursued his post-doctoral research in financial stability.
His research papers have been published in many national and international journals.
A central banker with over 30 years of experience has received professional training at the IMF Institute on Financial Programming and Policy and the Centre for Central Banking Studies, Bank of England.
Patra joined the RBI in 1985.
He moved to the Monetary Policy Department in March 2006 as advisor-in-charge and has held several roles in the apex bank since then.
He is also a member of the Monetary Policy Committee and is considered to be a monetary policy hawk.
He made a substantial change under Governor Shaktikanta Das, voting for five successive interest rate cuts in 2019.
Before moving to the Monetary Policy Department, he was an adviser in the Department of Economic Analysis and Policy in charge of international finance, money, and banking in 2005.
He has served in various capacities in the RBI.
The noted economist has also served as a senior adviser to Executive Director for Bangladesh, Bhutan, India, and Sri Lanka at the IMF.
He is Soft-spoken, articulate, and much disciplined.
He is also known as inflation expert, expertise in handling the inflation would be much required at a time when the RBI is grappling with a growth slowdown.