SS Mundra takes charge as RBI deputy governor
Mundra will look after banking supervision, currency management, financial stability and rural credit
Mumbai: S.S. Mundra, former chairman and managing director of Bank of Baroda has taken over as deputy governor of Reserve Bank of India (RBI) effective Thursday, the central bank said in a press release on its website.
“As deputy governor, Mundra will look after banking supervision, currency management, financial stability, rural credit, as also, the Reserve Bank’s human resources and physical security," the RBI said in a press release.
The notification for Mundra’s appointment was issued by the finance ministry on Wednesday, the RBI said, adding that Mundra will be in charge “for a period of three years from the date of his taking over, i.e., July 31, 2014 or until further orders, whichever is earlier".
Mundra replaces K.C. Chakrabarty who resigned in April 2014 and fills the seat of a commercial banker on the RBI high table. The three other deputy governors are H.R. Khan, Urjit Patel and R. Gandhi.
Before taking over as head of Bank of Baroda in January 2013, Mundra was executive director at Union Bank of India (UBI) and was also in charge of Bank of Baroda’s European operations.
Mundra was also part of the Nachiket Mor Committee on Comprehensive Financial Services (CCFS) for small businesses and low-income households.
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