Reserve Bank of India's executive director G. Gopalakrishna takes VRS, joins as CAFRAL director

MUMBAI: G Gopalakrishna, Reserve Bank of India’s executive director, who was superseded for deputy governor's post, has voluntarily retired from his post. He has taken charge as the director of the Centre for Advanced Financial Research and Learning ( CAFRAL), a fledgling research body, from April 21, according to a statement from the central bank. His term was to end in a few months.

In January, the finance ministry had expressed its displeasure when the RBI search committee headed by RBI governor, Raghuram Rajan, had ignored G Gopalakrishna, the seniormost RBI executive director, from the shortlist for the post of deputy governor. RBI had shortlisted three of its executive directors to succeed Anand Sinha who retired recently.

R Gandhi and P Vijaya Bhaskar were the other two executive directors named in the list to succeed Sinha. Finally, the government appointed R Gandhi as the deputy governor. To resolve the conflict, the RBI had offered Gopalakrishna the position as the director of the research body, which would have given him a deputy governor rank.