Michael Patra gets monetary policy dept in new role as RBI deputy guv

Reserve Bank of India’s (RBI) new Deputy Governor Michael Patra (pictured) will be heading the Monetary Policy Department, including Forecasting and Modelling Unit, as was widely expected. 

This department was earlier headed by B P Kanungo who took charge of the department after Viral Acharya left in July. Patra will also be heading the Financial Markets Operations Department, Financial Markets Regulation Department including Market Intelligence, International Department, Department of Economic and Policy Research, Department of Statistics & Information Management, Corporate Strategy and Budget Department as well as the Financial Stability Unit, according to a statement on the RBI website. 

All these departments, in the past six months, were being managed by the three deputy governors.

Patra was named the fourth deputy governor of the RBI on Tuesday by the government for a period of three years. He was the executive director of the central bank, and an internal member of the six-member monetary policy committee. 

As deputy governor in charge of Monetary Policy Department, Patra will continue to remain in the committee, whereas Kanungo will have to leave it.