RBI redistributes portfolios following Michael Patra's appointment as Deputy Governor

Following the appointment of Michael Debabrata Patra as the Deputy Governor, the Reserve Bank of India redistributed portfolios to post on Wednesday as an official press release stated that NS Vishwanathan will handle co-ordination, Department of Regulation (DOR), Department of Communication (DoC), Enforcement Department, Inspection Department (ID), Risk Monitoring Department (RMD), and Secretary's Department.

Michael Debabrata Patra was appointed deputy governor of the Reserve Bank of India (RBI), according to a Personnel Ministry order on Tuesday. He has been appointed to the post for a period of three years, it said. Patra, who was earlier looking after the monetary policy department as the executive director, will be the fourth deputy governor of the RBI. The post was lying vacant after Viral V Acharya had resigned from the post in June last year.

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Patra to look after Financial Markets Operations Department

BP Kanungo was given the Department of Currency Management (DCM), Department of External Investments and Operations (DEIO), Department of Government and Bank Accounts (DGBA), Department of Information Technology (DIT), Department of Payment and Settlement Systems (DPSS), Deposit Insurance and Credit Guarantee Corporation (DICGC), Foreign Exchange Department (FED), Internal Debt Management Department (IDMD), Legal Department (LD) and Right to Information (RIA) Division.

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The release also stated that MK Jain will handle the Department of Supervision (DOS), Consumer Education and Protection Department (CEPD), Financial Inclusion and Development Department (FIDD), Human Resource Management Department (HRMD), HR Operations Unit (HR-OU), Premises Department (PD), Central Security Cell (CSC), and Rajbhasha Department.

While newly-appointed Patra will be in charge of the Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department including Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics & Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

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(With ANI Inputs / Image Credits: ANI)