New RBI Deputy Governor Janakiraman Gets Six Departments

Newly-appointed Reserve Bank Deputy Governor Swaminathan Janakiraman will look after six departments, including supervision and financial inclusion, the central bank said in a release on Monday.

Janakiraman replaced M K Jain, who recently demitted office after completion of his term.

The other portfolios allocated to Janakiraman are Inspection Department, Premises Department, Rajbhasha Department, and Consumer Education and Protection Department.

Deputy Governor M D Patra will supervise 11 departments in the central bank, including the departments of monetary policy and financial stability.

Deputy Govenor M Rajeshwar Rao has been assigned with five departments while T Rabi Sankar has assigned with the work of 11 departments. According to the RBI Act, 1934, Reserve Bank of India 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.