RBI Reshuffles Deputy Governors' Portfolios Amid Leadership Transition

The Reserve Bank of India has restructured the roles of its deputy governors following the conclusion of Michael Debabrata Patra's extended term. Key departments were reassigned, with M Rajeshwar Rao taking over the monetary policy department. The government has begun the process of selecting a new deputy governor.

The Reserve Bank of India has announced a significant reshuffling of its deputy governors' portfolios following the end of Deputy Governor Michael Debabrata Patra's extended term on Tuesday. As part of the reorganization, the key monetary policy department previously overseen by Patra has been transferred to the senior Deputy Governor M Rajeshwar Rao, as per the statement issued by the RBI.

Along with the monetary policy department, Rao has now been entrusted with the Department of Economic and Policy Research, Department of Statistics and Information Management, and the International Department. This reshuffle affects all of the RBI's 33 departments, now divided among the three deputy governors, including T Rabi Sankar and Swaminathan Janakiraman.

As the changes take effect, Rabi Sankar will manage 13 departments, such as Currency Management, Information Technology, and Financial Markets Operations. Swaminathan Janakiraman will oversee nine departments, including Supervision and the Deposit Insurance and Credit Guarantee Corporation. Concurrently, the government has commenced the selection process for appointing a new Deputy Governor, spearheaded by the Financial Sector Regulatory Appointments Search Committee, led by the Cabinet Secretary.

(With inputs from agencies.)