Mumbai: Michael Patra, the current deputy governor of the Reserve Bank of India (RBI) in-charge of monetary policy, will conclude his term in January 2025. The RBI has published an advertisement inviting applications for this key position, which will be filled for a three-year term.

The central bank is searching for candidates with a minimum of 25 years of experience in public administration at a secretary level or equivalent in government. Applicants with 25 years of experience in an Indian or international public financial institution, or those who have demonstrated exceptional performance at the national or international level in relevant fields, are also encouraged to apply.

The advertisement specifies that the new deputy governor, upon selection, will be eligible for re-appointment. Candidates must be no older than 60 years as of January 15, 2025, and the monthly salary for this position will be Rs 2.25 lakh. The application deadline is November 30.

This announcement follows the government's decision not to extend Patra's term for an additional year. A seasoned central banker, Patra had already received two extensions after his initial term ended in January 2023.

Patra oversees the vital monetary policy and economic research departments, among others, and is the last remaining original member of the monetary policy committee established in 2016. He first took on the role of deputy governor in January 2020 and previously served as an executive director at the RBI, where he was responsible for the monetary policy committee and other functions.

In a related development, the government recently extended the term of RBI deputy governor Rajeshwar Rao for another year, marking the second extension since his original term ended in October 2023. The RBI currently has four deputy governors, with two promoted from within the organization and the other two typically being a commercial banker and an economist.

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