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Informist, Thursday, Apr. 3, 2025

--RBI: Govt appointed Poonam Gupta as deputy governor of RBI for 3 years

--CONTEXT: Michael Patra's term as deputy governor ended on Jan 14

MUMBAI – The Reserve Bank of India on Thursday said the government has appointed economist Poonam Gupta as its fourth deputy governor for a period of three years.

"Government of India in exercise of the powers conferred by clause (a) of sub-section (1) read with sub-section (4) of section 8 of The Reserve Bank of India Act, 1934, has appointed Dr. Poonam Gupta, Director General, National Council of Applied Economic Research, New Delhi as Deputy Governor of Reserve Bank of India for a period of three years from the date of joining the post or until further orders, whichever is earlier," the central bank said in a release.

Gupta's appointment comes more than two months after Michael Patra demitted office in mid-January. Gupta will be the fourth female deputy governor of the RBI, with the previous three being K.J. Udeshi (2003-2005), Shyamala Gopinath (2004-009), and Usha Thorat (2005-2010).

In addition to being the director general of the New Delhi-based think tank National Council of Applied Economic Research, Gupta is also a member of the Economic Advisory Council to the Prime Minister and convener of the Advisory Council to the 16th Finance Commission. Gupta holds a Master's degree and a PhD in Economics from the University of Maryland and another Master's degree in Economics from the Delhi School of Economics. She has previously worked as an economist at the World Bank and the International Monetary Fund.

It was not immediately clear if Gupta will be a part of next week's meeting of the Monetary Policy Committee. Following Patra's retirement, Deputy Governor M. Rajeshwar Rao was given additional charge of the Monetary Policy Department and he voted for a 25-basis-point reduction in the repo rate at the February meeting along with the other five members of the committee. The RBI is yet to allocate Gupta her portfolio. It is expected that she will be in charge of the Monetary Policy Department, Department of Economic and Policy Research, and Department of Statistics and Information Management, among others.

The MPC is scheduled to begin its three-day meeting on Monday, with Governor Sanjay Malhotra set to announce the committee's decision at 1000 IST on Wednesday.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Siddharth Upasani

Edited by Saji George Titus

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