The government has extended the term of Michael Debabrata Patra as the deputy governor of the Reserve Bank of India (RBI) by one year.

Patra's three-year tenure was coming to an end on January 14.

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 15 January 15, PTI quoted sources as saying.

Patra looks after the monetary policy department as the deputy governor of the central bank and also as a member of the rate-setting Monetary Policy Committee.

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.