The 'insider' on monetary policy: Meet Michael Patra, the new RBI Dy Guv

Patra wrote the monetary policy framework, which targets flexible inflation targeting, and is the basis of the six-member MPC in which Patra is a member

The appointment of Michael Patra, 59, as deputy governor for three years at the Reserve Bank of India (RBI) on January 14 was well anticipated and is the right decision by the government. 

His appointment also aims to resolve a few issues within the central bank and for the government as well. 

To start with, there is perhaps no better person than Patra at this juncture to handle the monetary policy department with the same attention to details as is warranted. Unlike outsiders, Patra is not a theoretician, but a scholar-practitioner of monetary policy matters, something the country needs desperately at a