RBI rejigs portfolios of deputy governors as MD Patra’s time period ends

NEW DELHI: The Reserve Financial institution has rejigged portfolios of its deputy governors, because the prolonged time period of Deputy Governor Michael Debabrata Patra ended on Tuesday. The important thing financial coverage division underneath Michael Debabrata Patra has gone to senior most Deputy Governor M Rajeshwar Rao, the RBI mentioned in a press release.
The federal government, final 12 months, prolonged Patra’s time period by one 12 months until January 14, 2025.
Moreover, Rao has been assigned to the Division of Financial and Coverage Analysis, Division of Statistics and Data Administration and Worldwide Division.
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 Forex Administration, Data Know-how, Monetary Markets Operations and Monetary Markets Regulation.
As per the assertion, Swaminathan Janakiraman will take care of 9 departments, together with Supervision and Deposit Insurance coverage and Credit score Assure Company.
In the meantime, the federal government has initiated the choice course of for the brand new Deputy Governor.
The choice is completed by the Monetary Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cupboard Secretary.
The opposite members of the committee embody the Secretary, Division of Monetary Companies, the RBI Governor and three exterior specialists.
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.