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Informist, Thursday, Jan. 9, 2025

 

--RBI allocates Monetary Policy Department to Deputy Governor Rajeshwar Rao

--CONTEXT: Michael Patra's term as deputy governor ends on Tuesday

--RBI allocates Financial Markets Operations Department to T Rabi Sankar

 

NEW DELHI – The Reserve Bank of India on Tuesday allocated the Monetary Policy Department to Deputy Governor M. Rajeshwar Rao following the end of Michael Patra's term as deputy governor.

 

Patra, whose term ended Tuesday, handled several crucial departments. As the deputy governor in charge of the Monetary Policy Department, he was an ex-officio member of the Monetary Policy Committee. The government is currently in the midst of selecting his successor, with Informist reporting Friday that a panel comprising Governor Sanjay Malhotra, Cabinet Secretary T. V. Somanathan, and Department of Financial Services Secretary M. Nagaraju will meet this week to screen the leading candidates for the post.

 

If a new deputy governor is not announced by the time the Monetary Policy Committee meets on Feb. 5-7, Rao as the head of the Monetary Policy Department will sit in at the meeting and vote on the interest rate decision. This has happened previously on multiple occasions, with Deputy Governor R. Gandhi sitting in for the first two meetings of the Monetary Policy Committee in October 2016 and December 2016 before Viral Acharya took charge as deputy governor in January 2017. Following Acharya's abrupt resignation in July 2019, Deputy Governor B.P. Kanungo was handed the Monetary Policy Department while the government searched for Acharya's replacement. Kanungo ended up being a part of three monetary policy meetings before Patra was promoted to deputy governor from executive director and Executive Director Janak Raj was nominated to the rate-setting committee by the RBI's central board of directors in time for the February 2020 meeting.

 

In addition to the Monetary Policy Department, the RBI said Tuesday that Rao will also handle the Department of Economic and Policy Research, Department of Statistics and Information, and International Department. Meanwhile, Deputy Governor T. Rabi Sankar has been allocated the departments related to financial markets operations and regulations. Deputy Governor J. Swaminathan has been given temporary charge of the Financial Stability Department and Deposit Insurance and Credit Guarantee Corporation, among others.  End

 

Reported by Siddharth Upasani

Edited by Tanima Banerjee

 

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