RBI Overhauls Deputy Governors’ Portfolios as Michael Patra’s Term Ends

After the completion of Michael Debabrata Patra’s term, RBI reshuffled the portfolios of its deputy governors. M Rajeshwar Rao now heads the monetary policy department, with other departments reassigned among the governors.

M Rajeshwar Rao Assumes Control of Monetary Policy 

The Reserve Bank of India has reorganised the responsibilities of its deputy governors following the end of Michael Debabrata Patra’s extended term. M Rajeshwar Rao, the senior-most deputy governor, now oversees the monetary policy department.

In addition, he has been assigned other significant departments, including the Department of Economic and Policy Research, the Department of Statistics and Information Management, and the International Department.

T Rabi Sankar, Swaminathan Take Over Additional Responsibilities

As part of the reshuffle, T Rabi Sankar will now handle 13 departments, including Currency Management, Information Technology, Financial Markets Operations, and Financial Markets Regulation.

Meanwhile, Swaminathan Janakiraman has been assigned responsibility for 9 departments, including Supervision, Deposit Insurance, and the Credit Guarantee Corporation.

Government Begins Search for New Deputy Governor

With Patra’s departure, the government has commenced the process of selecting a new deputy governor for the RBI. The decision will be made by the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is chaired by the Cabinet Secretary and comprises other financial sector experts.

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