Michael Patra
Michael Debabrata Patra | |
|---|---|
| Born | September 29, 1960 Cuttack, Odisha, India |
| Occupation(s) | Economist, central banker |
| Years active | 1985–2025 |
| Known for | Deputy Governor of the Reserve Bank of India (2020–2025) |
Michael Debabrata Patra (born 29 September 1960) is an Indian economist and former central banker who held the position of Deputy Governor at the Reserve Bank of India between 2020 and 2025. The majority of his professional life has been dedicated to working within the RBI.[1]
Education
Originating from Cuttack, Odisha, Patra completed his undergraduate studies at Ravenshaw College and pursued postgraduate education at Utkal University. He achieved a doctoral degree in economics from the Indian Institute of Technology Bombay, focusing his dissertation on "The Role of Invisibles in India's Balance of Payments: A Structural Approach".[2][3] Additionally, he engaged in postdoctoral research on financial stability during a fellowship at Harvard University.
Patra also enhanced his expertise through specialized training programs at the IMF Institute in Financial Programming and Policy, as well as at the Bank of England's Centre for Central Banking Studies.[2][3]
Career
Joining the Reserve Bank of India as a Grade B officer in 1985, Patra advanced through various roles. Prior to his appointment as deputy governor, he served as executive director of the RBI’s monetary policy department starting in 2006 and was an internal member of the Monetary Policy Committee. His responsibilities also included acting as adviser on international finance, money, and banking within the economic analysis division.
Between December 2008 and June 2012, Patra was deputed to the International Monetary Fund, where he functioned as senior adviser to India’s executive director.
Deputy Governor
In January 2020, Patra was named Deputy Governor of the Reserve Bank of India by the Appointments Committee of the Cabinet, following recommendations from the Financial Sector Regulatory Appointment Search Committee, for a term lasting three years. He took over from Viral Acharya, who had resigned in July 2019. Patra was notably the second economist with an RBI background to be appointed to this role after Shri S.S. Tarapore.
His tenure commenced on 15 January 2020, during which he managed several key departments including monetary policy, financial markets operations and regulation, international affairs, economic and policy research, statistics and information management, corporate strategy and budgeting, along with the financial stability unit. As the deputy governor responsible for monetary policy, he held an ex-officio seat on the Monetary Policy Committee until 14 January 2025.
Work
- The Global Economic Crisis through an Indian Looking Glass, authored by Adarsh Kishore, Debrata Patra, and Partha Ray, published by SAGE India in 2011.