RBI made changes in the departments of Deputy Governors after MD Patra’s tenure ended

New Delhi| The Reserve Bank has reshuffled the portfolios of its deputy governors as the extended tenure of Deputy Governor Michael Devvrat Patra ended on Tuesday. The RBI said in a statement that the key monetary policy department under Michael Devvrat Patra is headed by senior-most deputy governor M. Has been given to Rajeshwar Rao. Also, M. Rajeshwar Rao has also been assigned the Department of Economic and Policy Research, Department of Statistics and Information Management and International Department.

Last year, the government had extended the tenure of Michael Devvrat Patra by one year till January 14, 2025.

Reserve Bank reshuffled 33 departments
The central bank has reshuffled 33 of its departments, including three deputy governors – M. Rajeswara Rao, T. Rabi Shankar and Swaminathan Janakiraman. With this reshuffle, Rabi Shankar will assume responsibility for 13 departments including currency management, information technology, financial market operations and financial market regulation. According to the RBI, Swaminathan Janakiraman will hold the responsibility of nine departments including Supervision and Deposit Insurance and Loan Guarantee Corporation.

Meanwhile, the government has started the process of selecting a new deputy governor. The selection is done by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary. Other members of the committee include the Secretary of the Department of Financial Services, the RBI Governor and three external experts. The central bank consists of four deputy governors, an economist overseeing the monetary policy department, a commercial banker, and two from within the bank.