ENA Sectors 2025-01-15 14:22:02 <p><span style="font-size:14px"><strong>New Delhi, Jan 15 (KNN)</strong> The Reserve Bank of India has undertaken a significant reorganisation of its deputy governors' portfolios following Michael Patra's departure from office on Tuesday. </span></p> <p><span style="font-size:14px">Deputy Governor M Rajeshwar Rao, who oversees banking regulation, has been assigned the crucial monetary policy department and department of economic and policy research, key portfolios previously managed by Patra.</span></p> <p><span style="font-size:14px">The central bank, which maintains four deputy governor positions, has distributed Patra's other responsibilities among the remaining deputy governors. </span></p> <p><span style="font-size:14px">The position of deputy governor in charge of monetary policy carries particular significance as it includes membership in the monetary policy committee (MPC), the bank's rate-setting panel.</span></p> <p><span style="font-size:14px">The government has initiated the search for Patra's successor, with reports indicating that a high-level panel consisting of RBI Governor Sanjay Malhotra, Cabinet Secretary T V Somanathan, and Department of Financial Services Secretary M Nagaraju will conduct candidate interviews this week. </span></p> <p><span style="font-size:14px">The timing of the appointment is crucial, with the next MPC meeting scheduled for February 5-7, and the monetary policy department traditionally being led by an economist.</span></p> <p><span style="font-size:14px">Patra's tenure at the RBI was marked by significant service, beginning with his appointment as deputy governor in January 2020 for a three-year term, which was subsequently extended twice, in 2023 and 2024. </span></p> <p><span style="font-size:14px">His association with the central bank dates back to 1985, during which he served as executive director and was a founding member of the MPC in 2016.</span></p> <p><span style="font-size:14px">Notably, Patra played a crucial role as member secretary of the Expert Committee to Revise and Strengthen the Monetary Policy Framework, established in 2014 under then-deputy governor Urjit Patel. </span></p> <p><span style="font-size:14px">This committee's recommendations led to the establishment of the monetary policy committee and the implementation of the flexible inflation target framework, marking significant reforms in India's monetary policy structure.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span><br /> </p> 40651 https://knnindia.co.in/news/newsdetails/sectors/rbi-reallocates-deputy-governor-portfolios-following-patras-departure 2025-01-15 14:22:02 knnindia.co.in