Michael Patra replaces Viral Acharya as DG of RBI

New Delhi: Nearly six months after Viral Acharya resigned as the RBI deputy Governor, there is finally a replacement, on Tuesday the apex bank appointed Executive Director Michael Patra to the post.

Michael Debabrata Patra has been appointed for three years, according to a statement by the Appointments Committee of the Cabinet. Patra replaced Acharya, who left office on July 23.

Patra will take over as the fourth Deputy Governor at the Reserve Bank of India. He will likely take over the monetary policy portfolio handled by Acharya.

He will also be in the all-important monetary Policy Committee that takes decisions on the rate of interest.

Patra was one of the candidates who was interviewed by the Finance Ministry panel that included Banking and Finance Secretary Rajeev Kumar and he appears to have steered clear of Prime Ministers' office as well.