RBI transfers 90 senior officers

Move comes along with new transfer policy for chief general managers.

In one of the biggest-ever portfolio re-allocation exercise of senior officers, the Reserve Bank of India (RBI) has changed the work allocation of about 90 chief general managers (CGMs) and general managers (GMs) at one go.

While only six officers have been promoted from the level of GM to CGM, 34 CGMs have been identified for reallocation of portfolios. In addition, 31 officials have been promoted from the level of deputy general manager to GM, while 60 GMs have been identified for reallocation of departments.

RBI has around 70-80 officers at the level of CGM.

D Subbarao, who took over as RBI governor in September 2008, has been trying to rework the human resource practice of the central bank.

Sources familiar with the development said for the first time a transfer policy for CGMs was put in place which mandated transfer of officials with over 10-year stay in Mumbai. Regional directors, who are also of the rank of CGM and spent four-five years in a regional centre, have also been identified for transfer.

But, there are some officers who have been transferred despite spending lesser time (less than 10 years in Mumbai and five years in a regional centre).

For instance, S Karuppasamy, senior-most CGM working with the department of banking supervision, has been transferred to Kolkata as regional director. RBI sources said the move was a precursor to his elevation as executive director next year. Among others, FR Joseph and B Srinivas, regional directors in Kolkata and Bangalore, respectively, were also transferred.

What has, however, caused some heartburn is the transfer of some CGMs due for retirement in around a year.

While it is the first time that a transfer policy has been put in place for CGMs, some exceptions have been made in case of officers who have been in Mumbai for over 10 years.

RBI sources said the rotation exercise was not that easy, as it took nearly three months to finalise the list. Top RBI officials also differed on the various issues, sources said.

Unlike in the past, the central bank has also decided to provide more time to officers to relocate. Earlier, the orders were applicable with immediate effect, but this time they have been provided more time to move. Also, there are at least five CGMs identified for relocation, but have got a reprieve for a year.