The government on Monday extended the term of the deputy governor of the Reserve Bank of India (RBI), Michael Debabrata Patra, by a further period of one year.
Patra's three-year tenure was coming to an end on January 14.
The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved Patra's re-appointment as the RBI's deputy governor for a further period of one year with effect from January 15, sources said.
Patra looks after the monetary policy department as the deputy governor of the central bank and also as a member of the rate-setting Monetary Policy Committee.
The six-member Monetary Policy Committee is headed by RBI Governor Shaktikanta Das.
Besides the governor, the RBI has four deputy governors. The three other deputy governors of the bank are M K Jain, M Rajeshwar Rao and T Rabi Sankar.