New Delhi (15.01.2024): The Reserve Bank of India (RBI) has redistributed portfolios to its deputy governors after Michael Patra demitted office on January 14, 2025.
Deputy Governor M Rajeshwar Rao, who was in charge of banking regulation, has been allocated Monetary Policy Department as well as Department of Economic and Policy Research. These two departments were with Michael Patra. Some other portfolios of Patra have been distributed among other deputy governors. The RBI has a total four deputy governors and the deputy governor in charge of monetary policy is also member of rate setting panel-- the Monetary Policy Committee (MPC).
The government has already initiated the process to find the successor of Patra. A recruitment panel comprising RBI Governor Sanjay Malhotra (IAS: 1990: RJ), Union Cabinet Secretary Dr T V Somanathan (IAS: 1987: TN) and Department of Financial Services Secretary M Nagaraju (IAS: 1993: TR) is likely to interview candidates soon.
RBI reallocates portfolios to Dy Governors, Rajeshwar Rao gets Monetary Policy Dept
By IndianMandarins - 2025-01-15 10:08:00
New Delhi (15.01.2024): The Reserve Bank of India (RBI) has redistributed portfolios to its deputy governors after Michael Patra demitted office on January 14, 2025.
Deputy Governor M Rajeshwar Rao, who was in charge of banking regulation, has been allocated Monetary Policy Department as well as Department of Economic and Policy Research. These two departments were with Michael Patra. Some other portfolios of Patra have been distributed among other deputy governors. The RBI has a total four deputy governors and the deputy governor in charge of monetary policy is also member of rate setting panel-- the Monetary Policy Committee (MPC).
The government has already initiated the process to find the successor of Patra. A recruitment panel comprising RBI Governor Sanjay Malhotra (IAS: 1990: RJ), Union Cabinet Secretary Dr T V Somanathan (IAS: 1987: TN) and Department of Financial Services Secretary M Nagaraju (IAS: 1993: TR) is likely to interview candidates soon.