Key Points
The Appointments Committee of the Cabinet has approved the re-appointment of Michael Patra as Deputy Governor, Reserve Bank of India, for a period of one year with effect from January 15, 2024...
With Patra being a member of the RBIs Monetary Policy Committee, his re-appointment signals continuity in the central banks policymaking...
Patra, who first took over as Deputy Governor in January 2020, had received a one-year extension in January 2023 after this initial three-year term ended...
A career central banker since 1985, Patra looks after the monetary policy department, financial markets operations department, financial markets regulation department, financial stability department and the department of economic and policy research among others...
The MPC which is the rate-setting panel of the RBI has raised interest rates by 250 basis points from May 2022 to February 2023 in order to rein in inflation amid global supply chain shocks caused by the COVID-19 pandemic as well as the Russia-Ukraine war...
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