Centre extends RBI Deputy Governor Patra's tenure by one year
1 min read 10 Jan 2023, 12:53 AM ISTDeputy Governor of RBI, Michael Debabrata Patra's three-year tenure was coming to an end on January 14.
PremiumThe central government on Monday has extended the term of the Deputy Governor of Reserve Bank of India (RBI), Michael Debabrata Patra, by one year. His three-year tenure was coming to an end on January 14, according to the news agency PTI.
The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved Patra's re-appointment as the RBI's deputy governor for a further period of one year with effect from January 15, sources said.
As the deputy governor of the central bank and a member of the rate-setting Monetary Policy Committee, Patra looks after the monetary policy department. The six-member Monetary Policy Committee is headed by RBI Governor Shaktikanta Das.
Besides the governor, the RBI has four deputy governors. The three other deputy governors of the bank are M K Jain, M Rajeshwar Rao and T Rabi Sankar.
In November last year, Patra said monetary policy is by its nature a technical area of economic policy-making and it has to be forward-looking because of the lags with which policy rates change get transmitted across the markets and eventually get reflected in lending rates, mortgage rates and yields.
"Today, inflation is at levels not seen in four decades, impervious to aggressive and front-loaded monetary policy tightening across the world. The existential question being asked is whether the world is permanently shifting from a low-inflation environment to a high-inflation one. The time has come to review the objectives of monetary policy," he said.
Patra also stated that monetary policymakers sift through an ocean of information - high frequency indicators; forward-looking surveys; expectations of market participants, professional forecasters and analysts; econometric models; sentiment analysis based on artificial intelligence and machine learning techniques; all as a part of trying to guess the likely future path of the goal variables.
(With PTI inputs)
