RBI Act must be changed to appoint COO: Fin Min

The Reserve Bank of India Act must be changed if the central bank wants to appoint a chief operating officer (COO), a senior finance ministry official said on Wednesday.

Financial Services Secretary G.S. Sandhu was reacting to recent media reports that RBI Governor Raghuram Rajan was looking to establish a COO position with deputy-governor ranking at the central bank.

"The Act has to be amended," Sandhu told reporters on the sidelines of an industry event.