The Government of India has initiated the search for a new Deputy Governor of the Reserve Bank of India (RBI), as current Deputy Governor Michael Patra prepares to retire in January 2025. In a public advertisement, the government has invited applications for the position, seeking candidates with extensive experience in public administration or finance.
Eligible candidates must have at least 25 years of experience, either at the secretary level in public administration or within a public finance institution in India or abroad. The age limit for applicants is set at 60 as of 15 January 2025. The selected candidate will serve a three-year term, with the possibility of reappointment.
Applications must be submitted to the Department of Financial Services, Ministry of Finance, by 30 November 2024.
Patra’s tenure began in January 2020 following the early exit of former Deputy Governor Viral Acharya. As Deputy Governor, Patra oversees several critical areas, including the Monetary Policy Department, Economic and Policy Research, and Financial Markets Regulation and Operations. Additionally, he serves on the Monetary Policy Committee (MPC), contributing to key decisions on policy rates.
This appointment process underscores the government’s commitment to securing a successor capable of managing pivotal monetary and economic functions amid evolving market conditions.
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