Reserve Bank wants a chief operating officer

Mumbai Aug 14 (ANS) The central board of the Reserve Bank of India Thursday approved an additional post of chief operating officer, subject to a clearance by the government and a legislative amendment.

According to a statement from the apex bank issued after the board meeting here, internal deliberations were on for the restructuring the apex bank's broad human resources practices and structures.

"The purpose of the exercise has been to align the organisational resources and structures of the bank with the needs of the domestic economy and changes in the external environment," it said.

"One of the proposals envisaged the creation of additional position of a chief operating officer of the rank of deputy governor to head one of the five functional clusters," it added.

"The board approved the broad contours of the proposals."

The bank now has been advised to operationalise the restructuring, taking into account the need to continuously keep communication channels open with stakeholders as the process moves forward.

"It also asked the Reserve Bank to initiate a dialogue with the government on the additional post of deputy governor and legislative changes that will be needed," the statement said.

"The Reserve Bank will proceed further in the matter keeping such advice in view."

At present, the apex bank is allowed one governor and no more than four deputy governors, who are appointed or nominated by the government for a period of no more than four years.

This apart, the apex bank's board also has 10 outside non-official directors from various fields nominated by the government, two government officials and one director each from the four local boards across the country.