Michael Debabrata Patra, the 62nd Deputy Governor of the Reserve Bank of India (RBI), will be concluding his tenure today i.e 15th January, 2025, after serving for five years. Dr Patra was appointed to the role on January 15, 2020, succeeding Viral Acharya, who had resigned in June 2019.
A career central banker with over three decades of experience, Dr Patra joined the RBI in 1985 and held several positions before being elevated to the role of Deputy Governor.
Prior to his appointment, he served as Executive Director of the Monetary Policy Department and was a member of the RBI’s Monetary Policy Committee (MPC).
Dr Patra worked under the leadership of RBI Governor Shaktikanta Das, who served from 2018 until December 2024. He also briefly served during the tenure of Sanjay Malhotra, who succeeded Das in December 2024.
Ahead of his departure, the RBI announced that the Monetary Policy Department would now fall under the purview of Deputy Governor M Rajeshwar Rao.
The RBI has reassigned responsibilities among three Deputy Governors, M Rajeshwar Rao, T Rabi Sankar, and Swaminathan Janakiraman, effective January 15, 2025. The reshuffle follows the conclusion of Michael Patra’s tenure, with Rao, Sankar, and Janakiraman overseeing departments spanning regulation, fintech, monetary policy, and financial stability.
Delivering what may be his final address as Deputy Governor at the Maldives Monetary Authority’s Annual Research Conference, Michael Patra spoke on the importance of advancing economic research to address pressing global challenges like digitalisation, climate change, and shifts in consumer behaviour, encapsulating the forward-looking and innovative approach that marked his tenure.
Shaping Monetary PolicyInitially entrusted with overseeing key departments such as the Monetary Policy Department, Financial Markets Operations, and International Department, his responsibilities expanded over time. RBI DG Patra held eight portfolios on appointment, later extended to nine portfolios in October 2020, and by June 2023, his portfolio encompassed 11 critical departments, including Financial Stability, Deposit Insurance, and the Secretary’s Department.
Dr Patra’s contributions were not limited to domestic monetary policy. He actively participated in global financial discussions, leveraging his prior experience as Senior Adviser to India’s Executive Director at the International Monetary Fund (IMF) during the global financial crisis. His work at the IMF and subsequent insights were documented in his book, The Global Economic Crisis Through an Indian Looking Glass.
During his tenure, Dr Patra navigated some of the most challenging periods in India’s economic history, including the COVID-19 pandemic, inflationary pressures, and evolving global monetary dynamics. Under his leadership, the Monetary Policy Department developed strategies to stabilise inflation while supporting economic recovery.
His academic contributions, including research on inflation, exchange rates, and international trade, further enriched the RBI’s approach to monetary and financial stability. Michael Patra is a fellow from Harvard University with a Ph D in Economics from IIT Bombay.
