New Delhi, October 13:
The Reserve Bank of India (RBI) on Tuesday reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. 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.
"Besides the department of regulation, Rao will look after the departments of communication, enforcement legalities among others. Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds", the Central Bank said in its statement released today.
RBI also announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Rao as deputy governor. According to the portfolio, Deputy Governor MD Patra will continue to look after the monetary policy department. His other portfolios, include department of economic and policy research, deposit insurance and credit guarantee corporation, financial markets operations department, and financial markets regulation department.
Deputy Governor MK Jain will look after central security cell, corporate strategy and budget department, consumer education and protection department, department of supervision, and human resource management department, among others. Deputy Governor BP Kanungo will oversee coordination, currency management, external investments and operations, department of government and banks accounts, IT, payment and settlement systems, foreign exchange department, internal debt management department, Right of Information (RIA) Division, and secretary's department, the statement signed off.