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Informist, Friday, May 2, 2025

--RBI: Dy Governor Gupta to handle monetary policy, fincl market operations

--RBI: New portfolios of deputy governors effective immediately

NEW DELHI – New Reserve Bank of India Deputy Governor Poonam Gupta will handle the key monetary policy and financial markets operations departments, with the allocation coming into effect immediately "consequent on the appointment and assumption of charge by Dr. Poonam Gupta as Deputy Governor", the central bank said in a statement Friday.

Gupta, who early last month was named as Michael Patra's successor as deputy governor for a period of three years, only took charge on Friday after leaving her post as the director general of New Delhi-based think tank National Council of Applied Economic Research earlier this week. Following Patra's retirement in mid-January, Deputy Governor M. Rajeshwar Rao was given temporary charge of the Monetary Policy Department, while T. Rabi Sankar handled the Financial Markets Operations Department.

As the deputy governor in charge of monetary policy, Gupta will be an ex-officio member of the Monetary Policy Committee, which will next meet Jun. 4-6. The MPC has cut the repo rate by 50 basis points to 6.00% so far in 2025 and is widely expected to reduce it by another half a percentage point in the next three months or so.

The other departments that Gupta will handle are as follows: Corporate Strategy and Budget Department, Department of Communication, Department of Economic and Policy Research, Department of Statistics and Information Management, Financial Stability Department, and International Department. Three departments that Patra handled have not been passed on to Gupta, with co-ordination and secretary's departments going to Rajeshwar Rao, Swaminathan J. getting Deposit Insurance and Credit Guarantee Corporation, and Rabi Sankar made in charge of Financial Markets Regulation Department.  End

Reported by Siddharth Upasani

Edited by Ashish Shirke

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