Reserve Bank of India reallocates portfolios of deputy governors

Reserve Bank of India has reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. Besides the department of regulation, Mr Rao will look after the departments of communication, enforcement legalities among others. Mr Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. RBI also announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Mr Rao as deputy governor. 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.