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.
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