Reshuffle in the departments of deputy governors, RBI made changes after MD Patra's tenure ended

Reserve Bank: The central bank has reshuffled its 33 departments after the extended term of Reserve Bank Deputy Governor Michael Debabrata Patra ended on Tuesday. In this, changes have been made in the departments of three deputy governors. Which includes Deputy Governors - Rao, T Rabi Shankar and Swaminathan Janakiraman.

Tue, 14 Jan 2025 11:58 PM (IST)
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Reshuffle in the departments of deputy governors, RBI made changes after MD Patra's tenure ended
Reshuffle in the departments of deputy governors, RBI made changes after MD Patra's tenure ended

The Reserve Bank has reshuffled the departments of its deputy governors, following which the extended term of Deputy Governor Michael Debabrata Patra ended on Tuesday. According to a statement from RBI, Michael Debabrata Patra is the key monetary policy department assigned to senior-most Deputy Governor M Rajeshwar Rao. Apart from that, M. Rajeshwar Rao has also been assigned to the Department of Economic and Policy Research, Department of Statistics and Information Management, and International Department.

The government extended the tenure of Michael Debabrata Patra by one year till January 14, 2025, last year. The central bank has reshuffled its 33 departments, with its three deputy governors - M. Rajeswara Rao, T. Rabi Shankar, and Swaminathan Janakiraman. Under this change, Rabi Shankar will assume charge of 13 departments including currency management, information technology, financial market operations, and financial market regulation. The RBI said that Swaminathan Janakiraman will take charge of nine departments, including supervision and deposit insurance and credit guarantee corporation.

Meanwhile, the government has initiated the process of selecting a new deputy governor. The selection is done by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary. Other members of the committee include the secretary of the Department of Financial Services, the RBI governor, and three external experts. The central bank has four deputy governors, an economist overseeing the monetary policy department, a commercial banker, and two from within the bank.

Muskan Kumawat Journalist & Writer