Chakrabarty re-appointed

The government has reappointed K C Chakrabarty as deputy governor of the Reserve Bank of India (RBI) till June 30, 2014. Chakrabarty (60) — one of the four deputy governors of the central bank — was appointed in June 2009 for three years. On the completion of his term on June 14, 2012, the term was extended by three months.

A deputy governor of the central bank can be appointed for five years or till the age of 62, whichever is earlier. Chakrabarty, who headed public sector lenders Punjab National Bank and Indian Bank before coming to Mint Road, is the most senior deputy governor in RBI.

He has held portfolios such as banking supervision, customer service, rural planning, currency management and human resources, among others.

As a deputy governor, Chakrabarty was instrumental in taking initiatives for improvement of customer service in banks and has abolished pre-payment penalty on floating interest rate loans.