RBI announces portfolios of deputy guvs, M Rajeshwar Rao gets regulation

The RBI on Monday reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao.

Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor. He took the new charge last week.

Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.

The RBI announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Rao as deputy governor.

Besides the department of regulation, Rao will look after the departments of communication, enforcement, inspection, legal, and risk monitoring, the central bank said in a statement.

Deputy Governor M D Patra will continue to look after the 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.

As per the RBI release, Deputy Governor M K 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 B P 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.

Prior to taking over as the executive director, Rao was the chief general manager, financial markets operation department and had previously held charge of the risk monitoring department. He has also worked as the Banking Ombudsman, New Delhi.