Michael Debabrata Patra, who hails from Odisha, has been appointed as the deputy governor of the Reserve Bank of India (RBI), according to a Personnel Ministry order.
Patra will serve as the deputy governor for three years. The appointment of Patra, who is currently an executive director at the central bank, comes nearly six months after former deputy governor Viral Acharya’s pre-mature resignation.
The edge Michael Debabrata Patra holds are many as he is well versed with MPC and rate of interest decisions and also well known in the market. The markets are well acquainted with Patra’s views on the current economic environment.
A career central banker who had applied for the post in 2017, Patra is among the rare insiders to be appointed to the post.
The post has traditionally gone to an economist outside the central bank. Prior to Acharya, it was held by Urjit Patel, who was later elevated to the post of governor.
Since Governor Shaktikanta Das took office in December, Michael Debabrata Patra has voted for three successive rate cuts. Aside from monetary stimulus, he also says that the economy needs fiscal support and has broadly been in line with the consensus when rate cuts or status quo were maintained.