Michael Debabrata Patra is an Indian economist and central banker. A career

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

officer, he is currently serving as one its four

deputy governors Deputy or depute may refer to: * Steward (office) * Khalifa, an Arabic title that can signify "deputy" * Deputy (legislator), a legislator in many countries and regions, including: ** A member of a Chamber of Deputies, for example in Italy, Spai ...

Education

Born in

Cuttack Cuttack (, or officially Kataka ) in Odia is the former capital and the second largest city in the Indian state of Odisha. It is the headquarters of the Cuttack district. The name of the city is an anglicised form of ''Kataka'' which literall ...

Odisha Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...

, into an Odia Christian family, Michael Debebrata Patra did his graduation from the

Ravenshaw College Ravenshaw University, formerly known as Ravenshaw college, is a co-educational state university situated in Cuttack, Odisha on the eastern coast of India. Founded as Ravenshaw College in 1868, the institution became a university in 2006. The un ...

and post graduation from

Utkal University Utkal University (UU) is a Public university in Bhubaneswar, Khordha district, Khordha, Odisha, and is the oldest university in Odisha, the state, and the 17th-oldest university in India. It is a teaching-cum-affiliating university. The pre ...

. Patra has a PhD in economics from the

Indian Institute of Technology Bombay The Indian Institute of Technology Bombay (IIT Bombay or IITB) is a public research university and technical institute in Powai, Mumbai, Maharashtra, India. It is considered as one of the best engineering universities in India and is top ranke ...

in Mumbai, with his thesis being titled "The Role of Invisibles in India's Balance of Payments: A Structural Approach". Patra proceeded to do

post-doctoral research A postdoctoral fellow, postdoctoral researcher, or simply postdoc, is a person professionally conducting research after the completion of their doctoral studies (typically a PhD). The ultimate goal of a postdoctoral research position is to p ...

on financial stability at

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...

as a fellow. Patra received professional training at IMF Institute on Financial Programming and Policy and at the Bank of England's Centre for Central Banking Studies.

Career

Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful

Monetary Policy Committee Monetary Policy Committee (MPC) may refer to: * Monetary Policy Committee (India) of the Reserve Bank of India * Monetary Policy Committee (United Kingdom) The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets ...

. Earlier, Patra served as an adviser in charge of international finance, money, and banking in RBI's department of economic analysis. From December 2008 and June 2012, Patra served on deputation to the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

as senior adviser to India's executive director at the fund.

Deputy Governor

In January 2020, Patra was appointed a Deputy Governor of the Reserve Bank of India by the

Appointments Committee of the Cabinet The Appointments Committee of the Cabinet (ACC) appoints several top posts within the Government of India. The committee is composed of the Prime Minister of India (''ex-officio'' Chairman) and the Minister of Home Affairs. Originally the Minis ...

—on the recommendation of the Cabinet Secretary-headed Financial Sector Regulatory Appointment Search Committee—for a period of threeyears, succeeding

Viral Acharya Viral V. Acharya (born 1 March 1974) is an India, Indian economist who was appointed as Deputy Governor of Reserve Bank of India (RBI). He also served as a member of the advisory council of the RBI Academy and was a member of the Academic Counci ...

, who had resigned in July 2019. With his appointment as deputy governor, Patra became the first RBI career economist to be elevated to the position. Patra took charge as deputy governor on 15 January 2020, and was assigned to look after RBI's monetary policy department, financial markets operations department, financial markets regulation department, international department, department of economic and policy research, department of statistics and information management, corporate strategy and budget department and financial stability unit. As the deputy governor in charge of the monetary policy department, Patra became an ''

ex-officio An ''ex officio'' member is a member of a body (notably a board, committee, council) who is part of it by virtue of holding another office. The term ''ex officio'' is Latin, meaning literally 'from the office', and the sense intended is 'by right ...

'' member of the

Work

References

{{DEFAULTSORT:Patra, Michael Indian civil servants Indian bankers Central bankers IIT Bombay alumni 21st-century Indian economists 20th-century Indian economists Harvard University alumni People from Cuttack district Living people Date of birth missing (living people) Year of birth missing (living people) Reserve Bank of India