Michael Patra

Michael Debabrata Patra is an Indian economist and central banker. A career Reserve Bank of India officer, he is currently serving as one its four deputy governors.

Michael Patra
Deputy Governor of the Reserve Bank of India
Assumed office
15 January 2020
Appointed byAppointments Committee of the Cabinet
GovernorShaktikanta Das
Preceded byViral Acharya
Personal details
Born
Michael Debabrata Patra

Cuttack, Odisha, India
Alma materHarvard University
Indian Institute of Technology Bombay (PhD)
Utkal University
Ravenshaw University
OccupationCentral banker
Economist
Civil servant

Education

Born in Cuttack, Odisha, into an Odia Christian family, Michael Debebrata Patra[1] did his graduation from the Ravenshaw College and post graduation from Utkal University.[2] Patra has a PhD in economics from the Indian Institute of Technology Bombay in Mumbai, with his thesis being titled "The Role of Invisibles in India's Balance of Payments: A Structural Approach".[3][4] Patra proceeded to do post-doctoral research on financial stability at Harvard University as a fellow.[3][4]

Patra received professional training at IMF Institute on Financial Programming and Policy and at the Bank of England's Centre for Central Banking Studies.[3][4]

Career

Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985.[3][4] Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful Monetary Policy Committee.[3][4] Earlier, Patra served as an adviser in charge of international finance, money, and banking in RBI's department of economic analysis.[3][4]

From December 2008 and June 2012, Patra served on deputation to the International Monetary Fund as senior adviser to India's executive director at the fund.[3][4]

Deputy Governor

In January 2020, Patra was appointed a Deputy Governor of the Reserve Bank of India by the Appointments Committee of the Cabinet—on the recommendation of the Cabinet Secretary-headed Financial Sector Regulatory Appointment Search Committee[5]—for a period of three years, succeeding Viral Acharya, who had resigned in July 2019.[6][7][8] With his appointment as deputy governor, Patra became the first RBI career economist to be elevated to the position.[6]

Patra took charge as deputy governor on 15 January 2020,[9] and was assigned to look after RBI's monetary policy department, financial markets operations department, financial markets regulation department, international department, department of economic and policy research, department of statistics and information management, corporate strategy and budget department and financial stability unit.[10] As the deputy governor in charge of the monetary policy department, Patra became an ex-officio member of the Monetary Policy Committee.[10]

Work
  • Kishore, Adarsh; Debrata Patra, Michael; Ray, Partha (2011). The Global Economic Crisis through an Indian Looking Glass. SAGE India. ISBN 978-8132106517.

References
  1. Bureau, The Hindu (28 January 2022). "RBI's accommodative approach has served country well: Patra". The Hindu. ISSN 0971-751X. Retrieved 29 January 2022. Reserve Bank of India Deputy Governor Michael Debabrata Patra on Friday said the central bank's decision to continue with an accommodative policy stance, despite criticism, had served the country well and that time would tell whether the approach had been 'correct'.
  2. "Another From Odisha In RBI Top Brass; Michael Patra Is Deputy Governor". Odisha Bytes. OB Bureau. 14 January 2020. Retrieved 16 January 2020.
  3. Roy, Anup (14 January 2020). "Inflation expert Michael Patra to be new deputy governor of RBI". Business Standard. Mumbai. OCLC 496280002. Retrieved 16 January 2020.
  4. "Michael Patra appointed RBI Deputy Governor, replaces Viral Acharya". Hindustan Times. New Delhi. HT Correspondent. 14 January 2020. ISSN 0972-0243. OCLC 231696742. Retrieved 16 January 2020.
  5. "Michael Patra appointed RBI deputy governor for 3 years, likely to handle monetary policy department". Firstpost. FP Staff. 14 January 2020. Retrieved 16 January 2020.
  6. Nag, Anirban (14 January 2020). "India Appoints Career Central Banker as Deputy Governor". Bloomberg News. Retrieved 16 January 2020.
  7. "Meet Michael Patra, RBI's new deputy Governor". The Economic Times. Press Trust of India. 14 January 2020. ISSN 0013-0389. OCLC 61311680. Retrieved 16 January 2020.
  8. "Michael Patra named RBI Deputy Governor". The Indian Express. Mumbai. ENS Economic Bureau. 15 January 2020. OCLC 70274541. Retrieved 16 January 2020.
  9. Dayal, Yogesh (15 January 2020). "Dr. Michael Debabrata Patra appointed as RBI Deputy Governor". Reserve Bank of India. Retrieved 16 January 2020.
  10. "Newly appointed deputy governor to look after RBI's monetary policy division". Livemint. Mumbai: Vivek Khanna. Press Trust of India. 15 January 2020. Retrieved 16 January 2020.
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