NEW DELHI: The Reserve Bank has rejigged portfolios of its deputy governors, as the prolonged term of Deputy Governor Michael Debabrata Patra ended on Tuesday. The key financial coverage division below Michael Debabrata Patra has gone to senior most Deputy Governor M Rajeshwar Rao, the RBI stated in an announcement.
The authorities, final 12 months, prolonged Patra’s term by one 12 months until January 14, 2025.
Besides, Rao has been assigned to the Department of Economic and Policy Research, Department of Statistics and Information Management and International Department.
The central financial institution has reshuffled its 33 departments among the many three deputy governors — Rao, T Rabi Sankar and Swaminathan Janakiraman.
With the rejig, Rabi Sankar will take care of 13 departments, together with Currency Management, Information Technology, Financial Markets Operations and Financial Markets Regulation.
As per the assertion, Swaminathan Janakiraman will take care of 9 departments, together with Supervision and Deposit Insurance and Credit Guarantee Corporation.
Meanwhile, the federal government has initiated the choice course of for the brand new Deputy Governor.
The choice is finished by the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary.
The different members of the committee embrace the Secretary, Department of Financial Services, the RBI Governor and three exterior consultants.
The central financial institution has 4 deputy governors, an economist to supervise the financial coverage division, one business banker, and two from inside the ranks.
