RBI rejigs portfolios of Deputy Governors as Michael Patra’s term ends

The Reserve Bank has rejigged the portfolios of its deputy governors, as Deputy Governor Michael Debabrata Patra’s extended term ended on Tuesday.

The RBI said in a statement that the key monetary policy department under Michael Debabrata Patra has been transferred to the senior most Deputy Governor, M Rajeshwar Rao.

The government, last year, extended Patra’s term by one year till January 14, 2025.

Rao has also been assigned to the Department of Economic and Policy Research, the Department of Statistics and Information Management, and the International Department.

The central bank has reshuffled its 33 departments among the three deputy governors — Rao, T Rabi Sankar and Swaminathan Janakiraman.

With the rejig, Rabi Sankar will manage 13 departments, including Currency Management, Information Technology, Financial Markets Operations, and Financial Markets Regulation.

According to the statement, Swaminathan Janakiraman will oversee nine departments, including Supervision, Deposit Insurance, and Credit Guarantee Corporation.

Meanwhile, the government has initiated the selection process for the new Deputy Governor.

The Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary, makes the selection.

The other committee members include the Secretary, Department of Financial Services, the RBI Governor and three outside experts.

The central bank has four deputy governors, an economist to oversee the monetary policy department, one commercial banker, and two from within the ranks.