Michael Patra has been appointed as the new Deputy Governor of the Reserve Bank (RBI). He will hold this post for the next 3 years. Michael Patra, the current executive director of the RBI and member of the Monetary Policy Committee (MPC), was lying vacant after the resignation of Viral Acharya. Urjit Patel had held this position before Acharya. Please tell Dr. Viral Acharya resigned from the post expressing a personal inability to serve after 23 July.
Michael Patra, who started his career with the RBI in 2017, is closely matched by RBI Governor Shaktikanta Das. Patra has always voted in favor of three consecutive reductions in the repo rate since Das took office in December 2018. Let me tell you that traditionally economists from outside the central bank have been selected. This post of deputy governor has remained vacant since Viral Acharya resigned.