Dr. Michael Debabrata Patra, who served as the Reserve Bank of India’s (RBI) Deputy Governor, has retired after nearly four decades with the central bank. Known for his strategic role in steering the RBI’s monetary policy, Patra became the face of the RBI during critical press conferences, answering the key questions on interest rates, inflation, and growth.

Patra, who headed the monetary policy department for most of his tenure, was a key player in the decisions made by the RBI’s Monetary Policy Committee (MPC). His expert commentary and ability to answer questions with clarity made him a central figure in the media’s understanding of the RBI’s actions. With his exit, the MPC loses its last founding member, as Patra was the first RBI-appointed member after the Governor and Deputy Governor in 2016.

Patra’s tenure at the RBI was marked by a steadfast commitment to inflation management. One notable example of his approach was the “withdrawal of accommodation” stance that the MPC maintained between 2022 and 2024. This policy, which kept rates high for an extended period despite inflation trends, raised eyebrows, but proved effective when inflation spiked later on.

Not only was Patra known for his serious approach to monetary policy, but he also had a penchant for mixing levity with decision-making. He famously advocated for humor in policy discussions, believing it could improve understanding and communication of complex financial concepts. His last day at the RBI was marked by a quirky farewell, where he sent a PDF illustrating the life cycle of a female tiger—an analogy to the RBI’s growth and challenges.

Throughout his tenure, Patra also remained an advocate for wildlife conservation, often spending his leisure time photographing tigers in India’s wildlife sanctuaries. His legacy as a dedicated policymaker, combined with his unique personal style, will undoubtedly leave a lasting impact on the Reserve Bank of India.