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Home / Industry / Banking /  RBI rejigs four deputy governor portfolios

Mumbai: The Reserve Bank of India on Monday rejigged the portfolios of deputy governors following the appointment of M Rajeshwar Rao as the new deputy governor. Rao who was appointed after the retirement of NS Vishwanathan, has been given the charge of department of regulation, enforcement, legal and risk monitoring.

The Appointment Committee of the Union cabinet has approved the appointment of Rao for the post of RBI deputy Governor, the government said in a release on 7 October.

Rao has been associated with the Reserve Bank since 1984, holding various positions. He took charge as an executive director of the central bank in 2016. At present, he is in charge of the internal debt management, financial markets operations, international and secretarial departments at the central bank. Prior to taking over this position, Rao was the chief general manager, financial markets operations department. He has previously held charge of the risk monitoring department. His vast experience makes him a front runner for the post.

According to the central bank‘s website, Kanungo will handle the most number of portfolios. These include co-ordination, currency management, external investments and operations, department of government and bank accounts, information technology, payments and settlements, foreign exchange, internal debt management and right to information.

Jain will be in charge of eight portfolios including central security, corporate strategy and budget department, consumer education and protection department, supervision, financial inclusion and human resources.

Patra will handle the crucial monetary policy department, department of economic and policy research, deposit insurance and credit guarantee, department of statistics, financial markets and international department and financial stability unit.

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