Michael Patra Appointed as Deputy Governor of RBI
Michael Patra, on Tuesday (14 January) appointed as Deputy Governor of Reserve Bank of India. The seat was vacant since July 2019.
He replaced Viral Acharya, the 3rd Deputy Governor of RBI. Patra is forth RBI governor, who will hold this position for next three years from the date of his appointment.
Patra will probably retain the monetary policy profile which was earlier held by Viral Acharya.
After the appointment, everyone is curious to know more information about Michael Patra. Here are things one should know about the newly appointed Deputy Governor of RBI.
Michael Patra’s Education Qualifications
Michael Patra holds a doctorate (PhD) in economics from very prestigious institution Indian Institute of Technology – Mumbai.
Michael Patra as associate Researcher at Harvard University?
In the field of financial stability, Patra has undertaken a post-doctoral research paper at Harvard University.
Patra has also worked very closely with former Reserve bank governors including Raghuram Ranjan and Urjit Patel. He has also worked with Prime Minister Narendra Modi on various economic policies.
Previous Works
In 1985, he has worked as an Executive Director of Reserve Bank of India. During the same period, he donned many feathers in the cap. He also worked as an advisor in the department of economic monetary policies where he was in charge of international finance, money and banking.
Michael Patra as ‘Inflation-Hawk’
Michael Patra was substantially seen as an inflation-hawk, he used to vote against rate cuts and is very concern about rising inflation in the Indian economy, but since, when Shaktikanta Das took the pledge as RBI governor, he abruptly started voting in favour of rate cuts and said economy needs fiscal support in the current environment.
Definition of Inflation-hawk: An Inflation Hawk is an economic policy adviser who believes that inflation will have a negative impact on the economy and that inflation is a bad thing. Inflation Hawks argue for monetary policies that maintain higher interest rates to curb inflation.’
