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As per the latest allocation of duties, Deputy Governor M Rajeshwar Rao, who is in charge of banking regulation, will take charge of the department of monetary policy, as well as department of economic and policy research. These two portfolios, among others, were with Patra.
Meanwhile, Deputy Governor T Rabi Sankar has been assigned the Financial Markets Operations Department.
The deputy governor in charge of monetary policy is also a member of the rate-setting panel – the monetary policy committee (MPC).
The reshuffle comes amid the government’s ongoing process of finalising Dr Patra’s replacement. The RBI has four deputy governors.
Also read: Top govt search panel to hold interviews for RBI Deputy Governor next week: Sources
CNBC- TV18 had reported last week that a top search and selection panel, chaired by Cabinet Secretary T V Somanathan, was expected to meet in New Delhi this week. The panel includes RBI Governor Sanjay Malhotra, DFS Secretary M Nagaraju, senior officials, and external experts.
Sources indicated that a significant number of applications were received by the November 30 deadline, and the government has since been narrowing down the candidates. An official announcement on the new deputy governor is expected soon.
Michael Patra was first appointed as the RBI deputy governor in January 2020 with a three-year term. His tenure was extended by one year in both 2023 and 2024.
A career central banker since 1985, Patra served as RBI’s executive director before assuming the role of deputy governor. He has been a member of the Monetary Policy Committee (MPC) since its inception in 2016.
Patra also played a key role as the member secretary of the 2014 ‘Expert Committee to Revise and Strengthen the Monetary Policy Framework,’ chaired by then deputy governor Urjit Patel. This committee was instrumental in recommending the creation of the MPC and the adoption of a flexible inflation targeting framework.
First Published: Jan 14, 2025 9:26 PM IST
