Following the appointment of T Rabi Sankar as the Deputy Governor of the Reserve Bank of India (RBI), the central bank on Thursday reshuffled and allocated the portfolios to its four Deputy Governors.
Sankar took over as the Deputy Governor of the central bank today for a period of three years or until further orders, whichever is earlier. Before being elevated to the post of Deputy Governor, he was an Executive Director in RBI.
The newly-appointed Deputy Governor will handle departments of currency management, external investment and operations, government and bank accounts, information technology, payment and settlement systems, foreign exchange, internal debt management and right to information.
Among others, there are nine departments under MD Patra, including the key monetary policy department. He will also look after departments of corporate strategy and budget, economic and policy research, statistics and information management, Deposit Insurance and Credit Guarantee Corporation, financial markets operations, financial markets regulation, financial stability unit and international department.
MK Jain will also have nine departments under him -- co-ordination, central security cell, consumer education and protection, supervision, financial inclusion and development, human resource management, premises, rajbhasha and secretary's department.
There are six departments under M Rajeshwar Rao. He has been assigned the departments of regulation, communication, enforcement, inspection, legal, and risk monitoring.
Sankar fills the vacancy created by the retirement of B P Kanungo on April 2, after completing his one-year extension.