Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.
He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.
An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.
He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.
Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.
As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.
Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.
He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.
The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.
He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.
A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.
He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.
Comments
An Indian Haj subsidy that did not exist!
Thank you Prime Minister Modi for ending Haj subsidy that never existed.
I completely welcome this move making the announcement, minister Mukhtar Abbas Naqvi said: “We believe in empowerment without appeasement.”Naqvi did not elaborate what he meant by “appeasement” but for decades, Haj subsidy remained a whip in the hands of right-wing parties to attack political rivals. Bharatiya Janata Party to embarrass rivals by accusing them of “appeasing” Muslims by subsiding expenses involved in the pilgrimage to Makkah and Madina. Angered by this attack, several Muslims have been demanding an end to the subsidy.
However, it is important to understand what this subsidy was and whether Muslims actually benefitted from it. In 2016-17, the government budgeted Rs 4.5 billion subsidy for around 100,000 Muslims who performed Haj last year. Each pilgrim paid around Rs 220,000 (amount varies each year) for airfare; stay in Makkah and Madina and for miscellaneous expenses. This money is paid to government-managed Haj committees which then transfers this money to other agencies. In other words, each Muslim pays for his/her own Haj expenses.
A significant chunk of money paid by Muslims goes to India’s government-owned national carrier Air India which enjoys a virtual monopoly on Haj circuit. The airline picks up passengers from around a dozen cities and flies them to Jeddah. The Air India inflates India-Jeddah tickets during the Haj season. This so-called government subsidy is used to pay for tickets that are always higher than the prevailing airfare charged by other airlines. A breakdown would show that an Air India ticket to Jeddah would cost more than a trip to Los Angeles from India. Essentially, the government takes money from one pocket and puts it back in another. Muslim have always demanded global tenders for Haj flights and for providing accommodation in Makkah and Madina..
However, while Naqvi sought to take a high moral ground by claiming that his party appeases no section of the society, his own government spends billions of rupees on organizing Hindu pilgrimages every year
Naqvi saab, this is what you learnt in Madrasa? U r Back-Stabbing Muslims. There is no 1% quality of muslim in you. After joining BJP you have lost it. First learn humanity. Almighty will give answers for all problems you have created for others.
Add new comment