New man in Mint Street: Michael Patra is RBI's deputy governor

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 likely handle the monetary policy portfolio, which was with Acharya.The new deputy governor earlier held 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 rate 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 finance, money and banking. He has served in various capacities in the Reserve Bank of India which he joined in 1985. He is a Fellow of the Harvard University where he did post doctoral research in the area of financial stability.

from Economic Times https://ift.tt/2tVzqRh