The Reserve Bank of India (RBI) has reassigned portfolios among its deputy governors after the departure of Mr. Michael Patra, who demitted office on January 14, 2025.
Deputy Governor M. Rajeshwar Rao, previously overseeing the Banking Regulation Department, has been entrusted with the Monetary Policy Department and the Department of Economic and Policy Research, both of which were earlier under Mr. Patra’s charge. Other portfolios handled by Mr. Patra have been distributed among the remaining deputy governors.
The RBI currently has four deputy governors, and the deputy governor responsible for monetary policy also serves as a member of the Monetary Policy Committee (MPC), the body tasked with setting interest rates.
Search for Michael Patra’s Successor
The government has initiated the process to appoint a new deputy governor to succeed Mr. Patra. A recruitment panel, comprising RBI Governor Mr. Sanjay Malhotra (1990-batch Rajasthan cadre IAS officer), Union Cabinet Secretary Dr. T. V. Somanathan (1987-batch Tamil Nadu cadre IAS officer), and Department of Financial Services Secretary Mr. M. Nagaraju (1993-batch Tripura cadre IAS officer), is expected to interview candidates for the role shortly.
This reshuffle comes at a critical time as the RBI continues to navigate economic challenges, making the appointment of the next deputy governor a key decision.