His appointment is for three years, according to a statement issued by the Department of Personnel and Training (DoPT). The post fell vacant after Viral Acharya resigned on July 23 last year.
As Executive Director of the central bank, he was heading the monetary policy department. With Patra's appointment, the RBI now has four deputy governors.
He is likely to retain the monetary policy department, which was handled by Acharya, as the deputy governor.
Patra is a career central banker and has worked in various other departments, including in the Department of Economic Analysis and Policy in charge of international finance, money and banking.
He joined the RBI in 1985 and was Senior Advisor to India's Executive Director at the International Monetary Fund (IMF).