RBI Assigns Additional Responsibilities To 3 DGs As M K Jain Demits Office

The Reserve Bank on Wednesday assigned additional responsibilities to three deputy governors consequent on demitting of office by M K Jain.

Deputy Governor Jain was looking after departments of Co-ordination, Central Security Cell, Consumer Education and Protection Department, Department of Supervision, Financial Inclusion and Development Department, and Human Resource Management.

He was responsible for Premises Department, Rajbhasha Department, and Secretary’s Department.

Deputy Governor M D Patra will now look after the departments of Co-ordiantion and Secretary’s Department.

Deputy Governor T Rabi Sankar has been assigned the responsibility of Central Security Cell, and Human Resource Management.

Consumer Education and Protection Department, Department of Supervision, Financial Inclusion and Development Department will now be the responsibility of M Rajeshwar Rao.

It may be mentioned that the government on Tuesday appointed State Bank of India (SBI) managing director Swaminathan Jankiraman as Deputy Governor.

M K Jain completed his extended tenure on Tuesday. 

According to the RBI Act, of 1934, the central bank should have four deputy governors -- two from within the ranks, one commercial banker and an economist to head the monetary policy department.

The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar.

The deputy governor appointments are made for an initial period of three years, and the person is eligible for reappointment.