The government has approved the re-appointment of Michael Patra as Deputy Governor of the Reserve Bank of India (RBI) for a year with effect from 15 January.

This is the second extension given by the Cabinet’s Appointments Committee to Patra. On 15 January last year, he was re-appointed as RBI Deputy Governor for a year.

Patra, who handles various departments including monetary policy, financial markets regulation and financial stability, first took charge as Deputy Governor on 1 January 2020 for a three-year period.