Michael Debabrata Patra appointed as Deputy Governor of RBI

New Delhi: The Appointments Committee of the Cabinet (ACC) has approved the appointment of Michael Debabrata Patra as Deputy Governor of the Reserve Bank of India (RBI) on Monday. "Patra has been appointed for a period of three years from the date of joining the post or until further orders, whichever is earlier," said the order from the Ministry of Finance. Prior to this elevation, Patra was serving as Adviser-in-Charge of the Monetary Policy of the Reserve Bank of India (RBI) since March 2006.

Background & qualifications

Michael Debabrata Patra is a fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability. He has a PhD in Economics from the Indian Institute of Technology, Mumbai (IIT-Bombay). His PhD thesis was titled "The Role of Invisibles in India's Balance of Payments: A Structural Approach." He has received professional training at the IMF Institute on Financial Programming and Policy and at the Centre for Central Banking Studies, Bank of England.

Patra has professional experience in the banking & financial sector lasting more than three decades. Before moving to the Monetary Policy Department of RBI in October 2005, he was serving as Adviser in the Department of Economic Analysis and Policy in-charge of international finance, money and banking. He has served in various capacities in the RBI. He has a very long association with RBI for more than 35 years. He had joined RBI in 1985.

Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) is India's central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of entire banking in India. RBI plays an important part in the development strategy of the government.

RBI regulates commercial banks and non-banking finance companies working in India. It serves as the leader of the banking system and the money market. It regulates the money supply and credit in the country. The RBI carries out India's monetary policy and exercises supervision and control over banks and non-banking finance companies in India. RBI was set up in 1935 under the Reserve Bank of India Act,1934.