RBI reallocates portfolios of deputy governors after Vishwanathan retires

Reserve Bank of India (RBI) reallocated the portfolios of deputy governors after N S Vishwanathan superannuated from his position on Tuesday.

RBI now functions with three deputy governors – B.P. Kanungo, M.K. Jain and Michael Patra.

The Department of Regulation, and Department of Supervision, handled by Vishwanathan now go to deputy governor M K Jain. These two departments have assumed great significance in recent times with Yes Bank attracting regulatory attention, requiring a reorganization of the bank. Vishwanathan oversaw the Yes Bank reconstruction scheme.

At the same time, B.P. Kanungo gets a year’s extension in his service, effective April 2, the RBI said.  He will be handling critical departments such as currency management, payments and settlements, foreign exchange and internal debt management departments.