The Reserve Bank of India (RBI) on Monday re-allocated the portfolios of deputy governors following the appointment of Rajeshwar Rao. Rao took over as the fourth deputy governor of the RBI on October 9 for a period of three years. He replaced N.S. Vishwanathan who had retired in March.
He was the executive director of the Reserve Bank before being elevated to the post of deputy governor. It took around six months for the government to announce the appointment of Rao and till then the portfolios were with the three other deputy governors — B.P. Kanungo, M.K. Jain and Michael D Patra.
As deputy governor, Rao will now look after the department of regulation, the department of communication, the enforcement department, inspection department, legal department and the risk monitoring department.
The crucial monetary policy department will continue to be headed by Patra along with various other departments. Kanungo will have 10 portfolios. He will be in charge of co-ordination, department of currency management, while Jain will handle the crucial department of supervision, Central Security Cell among others.