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RBI redistributes portfolios among three Deputy Governors

By IndianMandarins- 06 Apr 2021


New Delhi (05.04.2021): As many as 32 departments of the RBI have been redistributed among its three deputy governors M K Jain, Dr. Michael Patra,  and M Rajeshwar Rao following the retirement of its senior-most Deputy Governor BP Kanungo on completion of his one-year extension. 

The redistributed departments cover those dealing with currency management, IT, payments, forex, legal, and others held by Kanungo. 

Besides the monetary policy department, Dr. Patra is given 10 other departments including external investments and operations, statistics and information management, financial markets operations, and financial stability unit.

According to an RBI statement, Jain is placed in charge of 11 departments including coordination, information technology, supervision, financial inclusion and development, human resource management, and premises.

The statement said Rao will look after 10 departments including regulation, communication, currency management, payment and settlement systems, legal, foreign exchange, and risk monitoring.

Kanungo joined the RBI in 1982 and has variously dealt with currency management, external investments, operations, payment, and settlement systems, among others, during the four-year term as the deputy governor, which began in April 2017.

Before rising to the post of executive director, he served as the head of RBI's regional offices in Jaipur and Kolkata, besides holding the position of the banking ombudsman for Madhya Pradesh and Chhattisgarh.

The following will be the portfolios of the Deputy Governors with effect from April 5, 2021:

 M.K. Jain: 1. Co-ordination, 2. Central Security Cell, 3. Consumer Education and Protection Department, 4. Department of Information Technology, 5. Department of Supervision, 6. Financial Inclusion and Development Department, 7. Human Resource Management Department, 8. Premises Department, 9. Rajbhasha Department, 10. Right to Information (RIA)

Dr. M.D. Patra: 1. Corporate Strategy and Budget Department, 2. Department of Economic and Policy Research, 3. Department of External Investments & Operations, 4. Department of Government and Bank Accounts, 5. Department of Statistics and Information Management, 6. Deposit Insurance and Credit Guarantee Corporation, 7. Financial Markets Operations Department, 8. Financial Markets Regulation Department, 9. Financial Stability Unit, 10. International Department, 11. Monetary Policy Department.

M. Rajeshwar Rao: 1. Department of Regulation, 2. Department of Communication, 3. Department of Currency Management, 4. Department of Payment and Settlement Systems, 5. Enforcement Department, 6. Foreign Exchange Department, 7. Inspection Department, 8. Internal Debt Management Department, 9. Legal Department, 10. Risk Monitoring Department.

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