Government Approves 1-Year Extension For RBI Deputy Governor Michael Patra

The Indian government has recently announced the extension of the tenure of Michael Debabrata Patra as the Deputy Governor of the Reserve Bank of India (RBI) for an additional year. This marks the second time the government has decided to prolong his tenure, showcasing confidence in his leadership and expertise in steering critical departments within the RBI.

Approval from the Appointments Committee of the Cabinet

The decision to extend MD Patra’s term was officially approved by the Appointments Committee of the Cabinet (ACC). According to a notification from the ACC’s Secretariat, the re-appointment is effective from January 15, 2024, or until further orders, whichever comes earlier. This decision highlights the government’s acknowledgment of the Deputy Governor’s significant contributions to the central banking system.

Background and Previous Tenure

Michael Debabrata Patra assumed the role of Deputy Governor of the RBI in January 2020, initially appointed for a three-year term. Before his elevation to Deputy Governor, he served as the Executive Director at the RBI. The extension of his tenure reflects not only the government’s confidence but also the recognition of his valuable service and commitment to the institution.

Oversight of Key Departments

In his capacity as Deputy Governor, MD Patra holds responsibility for overseeing crucial departments within the RBI. These include the Monetary Policy Department, Financial Stability, Statistics and Information Management, Economic and Policy Research, Financial Markets Regulation, Financial Markets Operations, among others. His leadership in these areas plays a pivotal role in shaping the monetary and financial policies of the country.

Commitment to Economic Stewardship

MD Patra’s re-appointment comes at a crucial time for the Indian economy, facing challenges and opportunities in the global economic landscape. His experience and expertise are expected to contribute significantly to the formulation and execution of policies aimed at ensuring financial stability, market regulation, and robust economic growth.

Important Questions Related to Exams

1. What committee approved the extension of Michael Patra’s tenure?
a) Reserve Bank Committee
b) Economic Affairs Committee
c) Appointments Committee of the Cabinet

2. How long has the government extended the tenure of RBI Deputy Governor Michael Patra?
a) Six months
b) One year
c) Two years

3. What is the earliest date until which Michael Patra’s reappointment is effective?
a) January 31, 2024
b) February 15, 2024
c) January 15, 2024

Kindly share your responses in the comment section.