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

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

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,