RBI reshuffles ED portfolios

The Reserve Bank of India (RBI) has re-allocated the portfolios of its executive directors (EDs) following the induction of two new ones. RBI has increased the number of executive directors to nine from seven earlier.

Among the two new ones, B Mahapatra has been given the charge of four departments, including the department of banking operations and development and department of government and bank accounts. P Vijaya Bhasker has taken charge of the department of banking supervision and the department of non-banking supervision, apart from the central security cell.

Before taking charge as ED, Mahapatra was a chief general manager in the department of banking operations and development, while Vijaya Bhasker was the regional director at Bangalore.

Earlier, R Gandhi was looking after the banking operations and development department, while both the department of banking supervision and the department of non-banking supervision were under G Gopalakrishna. Gopalakrishna has now been given charge of Deposit Insurance and Credit Guarantee Corporation.

Gopalakrishna is also a contender for the deputy governor’s post.

One of the deputy governors of RBI, Shyamala Gopinath, will retire on June 20 and seven executive directors has been interviewed for the post. Following the induction of a new deputy governor, the central bank may re-allocate deputy governor’s portfolios. Gopinath handles nine portfolios at present, including foreign exchange department and external investment and operations.

For the past few years, DICGC has been headed by an ED-rank officer. The chief executive officer’s post in DICGC — a wholly owned subsidiary of RBI – has been lying vacant since October 31 after H N Prasad’s retirement.

In the new scheme of things, Gandhi will take charge of the department of external investment and operations which was earlier with H R Khan.