Michael Debabrata Patra, deputy-governor, Reserve Bank of India (RBI), who is in charge of monetary policy, is stepping down once his term ends on January 14, 2025.

The finance ministry has invited applications to the post of RBI deputy-governor for a period of three years.

Patra’s successor would look after the monetary policy department and would also be a member of the Monetary Policy Committee, which decides on interest rates.

As per the eligibility criteria mentioned in the public announcement, applicants should have at least 25 years of work experience in public administration including experience at the level of secretary or equivalent in the Government of India; or have at least 25 years of work experience in an Indian or an international public financial institution.

The candidates should not be more than 60 years of age as on January 15, 2025. The appointment is for a period of three years, and the individual is qualified for reappointment.

The position will have a monthly salary of ₹2.25 lakh. The last date for submission of applications to the finance ministry is November 30.

The notice said: “It may be noted that the Financial Sector Regulatory Appointments Search Committee is free to 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.”

Patra was first appointed as a deputy-governor in January 2020 for a three-year term and was subsequently given one-year extensions twice.