Michael Debabrata Patra, the senior most deputy governor of the Reserve Bank of India heading monetary policy department, is set to step down once his term ends in January. In an advertisement released on Monday on behalf of the government, the RBI invited applications for the deputy governor's position for a period of three years.
The job notification comes after the government reportedly decided against offering a third extension to Patra for another year. A career central banker, Patra previously received two extensions after his original term ended in January 2023. His current term ends on January 15, 2025.
The notification for the DG post also comes within a month of the government extending deputy governor Rajeshwar Rao's term for another year— the second such extension after his original term ended in October 2023.
The central bank has four deputy governors. Two are promoted from within, while the other two are typically a commercial banker and an economist.
A monetary economist, Patra has been handling the crucial monetary policy and economic research departments, among others, since 1985. He is also the last of the original members of the monetary policy committee from September 2016—from the inception of the rate-setting panel. He was also the member secretary of the Urjit Patel committee that recommended the inflation targeting framework and setting up of the six-member monetary policy committee.
The job advertisement has clarified that the Financial Sector Regulatory Appointments Search Committee (FSRASC), a body which will select the candidates, is free to identify and recommend any other person also, based on merit, who has not applied for the post.
“The committee may also recommend relaxation in the eligibility and qualifications /experience criteria, in respect of outstanding candidates,” the ad said.
The RBI is looking for candidates with at least 25 years of experience in public administration, and at the level of secretary or equivalent in the government. Those with 25 years of work experience in an Indian or international public financial institution, or with an exceptional track record at the national or international level in relevant fields may also apply, the notification said.
The advertisement mentions that the new candidate, once selected, will be eligible for re-appointment and should be not more than 60 years of age as of January 15, 2025, and will receive a monthly salary of Rs 2.25 lakh.
The deadline to submit applications is November 30.