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Michael Patra is the new man in Mint Street

The Centre has appointed Michael Patra as Reserve Bank of India’s new deputy governor. Patra replaces Viral Acharya, who left office on July 23. Patra, who will hold office for three years, will be the fourth RBI deputy governor and will most probably handle the monetary policy portfolio, which was with Acharya.The brand-new deputy governor earlier maintained the executive director post at the Monetary Policy Department. Patra is also an MPC member and is seen as an inflation-hawk. In the last three policies, Patra has backed interest rates cuts to support growth in the economy.Patra is a Phd in Economics from IIT Mumbai. Before moving to the Monetary Policy Department in October 2005, he was Adviser in the Department of Economic Analysis and Policy in charge of international investment, money and banking. He has have participated in various capacities in the Reserve Bank of India which he was engaged in 1985. He is also a member of the Harvard University where he did post doctoral experiment in the area of financial stability.

Read more: economictimes.indiatimes.com

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