RBI Invites Applications For Deputy Governor Post With Michael Patra Set To Step Down In Jan

2024-11-04 02:00:36

(MENAFN- Live Mint) Mumbai: Michael Patra, deputy governor of the Reserve Bank of India in charge of monetary policy, is set to step down once his term ends in January 2025. In an advertisement released on Monday, the RBI invited applications for the deputy governor's position for a period of three years.

The RBI is looking for candidates with at least 25 year of experience in public administration, and at the level of secretary or equivalent in the government. Those with 25 years of work experience in an Indian or international public financial institution, or with an exceptional track record at the national or international level in relevant fields may also apply, it added.

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The ad mentioned that the new candidate, once selected, would be eligible for re-appointment. He or she should be not more than 60 years old as on 15 January, and will receive a monthly salary of ₹2.25 lakh. The deadline to submit applications is 30 November.

The news comes after the government decided not to extend Patra's term for another year, according to a person aware of the matter. A career central banker, Patra had previously received two extensions after his original term ended in January 2023.

Patra handles the crucial monetary policy and economic research departments, among others, and is also last of the original members of the monetary policy committee from 2016.

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He was first appointed deputy governor of the RBI in January 2020. Before that he served as executive director of the RBI, responsible for the monetary policy committee, among other things.

Last month the government extended RBI deputy governor Rajeshwar Rao's term for another year, the second such extension after his original term ended in October 2023. The RBI has four deputy governors. Two are promoted from within, while the other two are typically a commercial banker and an economist.

An email to RBI did not elicit a response.

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