Michael Patra

Prior to being elevated to the position of deputy governor, Patra was an executive director with the RBI

The government on Monday extended the term of the deputy governor of the Reserve Bank of India (RBI), Michael Debabrata Patra, by a further period of one year. Patra's three-year tenure was coming to an end on January 14. The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved Patra's re-appointment as the RBI's deputy governor for a further period of one year with effect from January 15, sources said. Patra looks after the monetary policy department as the deputy governor of the central bank and also as a member of the rate-setting Monetary Policy Committee. The six-member Monetary Policy Committee is headed by RBI Governor Shaktikanta Das. Besides the governor, the RBI has four deputy governors. The three other deputy governors of the bank are M K Jain, M Rajeshwar Rao and T Rabi Sankar.

Governor Das said due to persistent core inflation, there is no room for complacency and the battle against inflation is not over

Battle against inflation is far from over though the worst is behind us; moderation of inflation will be grudging and uneven, they say

The moment inflation is released by NSO, it gets hit by unanticipated shocks, says RBI Deputy Governor Michael Patra

Swap rates decline post fall in US, India inflation

The Deputy Governor flagged instances of wild swings in sovereign bond yields in response to factors such as the announcement of the government's borrowing programme and interest rate changes

Calls for world-class financial intermediation services with Indian economy poised to surpass Germany and Japan a few years and nation's population set to become world's largest and youngest

'Net LAF continues to be in surplus for the past two years, except for 2-3 days when because of SLF for the primary dealers it became deficit'

CPI inflation was at 6.7% in July, the first time in four months that the price gauge fell below 7%

The RBI Dy Governor says war in Europe threatens to 'snuff out' global economic recovery post the Covid-19 pandemic

During the day, the local unit witnessed an intra-day high of 78.19 and a low of 78.35 against the American currency.

India's central bank is on course to bring down prices but the retail inflation rate is likely to remain above the top end of its mandated target band until December, Governor Shaktikanta Das said

Says monetary policy decisions by central banks around the world aimed at their own constituencies. But since inflation is the biggest policy issue right now, it seemed coordinated

CPI inflation was 7.04% in May. In its June policy review, the MPC raised repo rate by 50 bps to 4.9%, taking the total tally of rate hikes since May to 90 bps

'With regard to breaching the inflation target framework, we will deal with it as and when the situation arises'

The article also said that while the post-pandemic debt consolidation will rely primarily on GDP growth, it needs to be complemented by fiscal consolidation

Michael Patra adds that while geopolitical fallout is being assessed, it is reasonable to treat it as a supply shock at this stage in setting monetary policy

While immediate implications are likely lower growth, higher inflation and disruptions to financial markets, the longer-term implications are disruptions to global supply chains, he said

'In a sense, India's growth story remains as weak as it was at the time of the 2013 taper tantrum,' he said