The Centre has appointed Michael Patra as the deputy governor of the Reserve Bank of India (RBI). Patra replaces Viral Acharya, who submitted his pre-mature resignation on July 23 last year.

Patra will hold the office for a period of three years and is likely to work on the monetary policy portfolio, which was with Acharya.

He will be the fourth deputy governor of the federal bank and is preceded by NS Vishwanathan, BP Kanungo and MK Jain.

Previously, Patra held at the executive director’s post at the Monetary Policy Department, before that he was an advisor in the Department of Economic Analysis and Policy in charge of international finance, money and banking.

The newly appointed Deputy Governor holds a Ph.D. degree in Economics from IIT Mumbai. He also went to Harvard University where he conducted doctoral research in financial stability. He has been working at the RBI since 1985 and has held several positions in it.

(With input from agencies)