After the appointment of T Rabi Sankar as deputy governor, the Reserve Bank of India (RBI) redistributed the portfolios of the deputy governors. Sankar succeeded BP Kanungo, who retired on April 2 after getting a one-year extension in his position.
Sankar has been given portfolios such as the department of currency management, external investments and operations, government and bank accounts, information technology, payment and settlement systems, foreign exchange department, internal debt management, and right to information division.
Sankar was in charge of the payments system, fintech, information technology, and risk management. As a part of the reshuffle, MK Jain will now be in charge of central security cell, consumer education, department of supervision, financial inclusion and development, human resource.
Michael Debabrata Patra will head portfolios such as department of economy and policy research, department of statistics and information management, deposit insurance and credit guarantee corporation, financial markets operation, financial markets regulations, financial stability unit, monetary policy department, and international department. M Rajeshwar Rao will be handling regulation, communication, enforcement, inspection, legal and risk monitoring department.