Michael Patra, RBI’s deputy governor overseeing monetary policy, will step down when his term ends in January 2025. The RBI has begun inviting applications for a new deputy governor for a three-year term.

The RBI is seeking candidates with at least 25 years of experience in public administration at a secretary level or equivalent in government. Applicants with 25 years in Indian or international public financial institutions or a strong national or international record in relevant fields may also apply.

The selected candidate will be eligible for re-appointment, must be under 60 as of 15th January, and will receive a monthly salary of Rs 2.25 lakh. Applications are due by 30th November.

This search follows a decision not to extend Michael Patra’s term, who received two extensions after his original term ended in January 2023.

Michael Patra oversees the critical monetary policy and economic research departments and is the last original monetary policy committee member from 2016.

Appointed as RBI’s deputy governor in January 2020, Patra previously served as executive director and was also responsible for the monetary policy committee.

Last month, the government extended Deputy Governor Rajeshwar Rao’s term by one year, following an earlier extension after his term ended in October 2023. The RBI has four deputy governors—two promoted internally and two generally from commercial banking and economics.

The RBI did not respond to an email for comments.

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