The Union government on Monday extended the term of Michael D. Patra as the deputy-governor of the Reserve Bank of India (RBI) by one more year.

Patra had taken over as the deputy-governor in January 2020 and his three-year tenure was coming to an end on January 14.

A PTI report said that the appointments committee of the Union cabinet, headed by Prime Minister Narendra Modi, approved Patra’s re-appointment from January 15.He was the executive director of the central bank before being elevated to the post of deputy-governor.

Patra, a career central banker since 1985, looks after the monetary policy department as the deputy governor of the RBI. He is also a member of the rate-setting monetary policy committee (MPC).

Even as the central bank has raised the policy repo rate by 225 basis points since May to combat inflation, Patra has warned against letting down the guard in the fight against price rise even as a couple of other members in the panel are veering towards a pause.

At the MPC’s meeting held in December 2022, Patra had warned that despite inflation easing in October entirely due to base effects, it “remains unconscionably elevated, persistent and generalised’’.

He further pointed out that the momentum of price increases (in October) was the highest since May 2022 and that core inflation remains firm.