Following Michael Patra’s completion of his five-year term as deputy governor at the Reserve Bank of India (RBI), his departments have been reallocated. Rajeshwar Rao has been assigned responsibility for the critical monetary policy department. Patra, who had received two one-year extensions during his tenure, has stepped down. Rao will now manage a portion of Patra's portfolio, alongside the departments he currently oversees.

Another deputy governor, T Rabi Sankar, has been given additional charge of financial market operations and the regulation departments. The deposit insurance and credit guarantee corporation and financial stability department have been allotted to Swaminathan J.

Patra's successor has not yet been appointed, although the government sought applications to replace him in November. Patra had been deputy governor in charge of the crucial monetary policy department for close to six years.

Patra has been an exception in the RBI because, unlike his predecessors who were economists from outside the central bank, he has risen through the ranks.

Patra has been a member of the monetary policy committee since its inception in 2016. His departure comes just one month before the next MPC meeting, set for February 7. Currently, Rao is expected to succeed Patra on the committee. Candidates for the deputy governor role, replacing Patra, must have at least 25 years of experience in public administration or comparable experience in a public financial institution, either in India or internationally.