KC Chakrabarty named RBI deputy governor

NEW DELHI: Kamalesh Chandra Chakrabarty, chairman and managing director of Punjab National Bank (PNB), has been selected as deputy governor of the Reserve Bank of India (RBI). A formal announcement is expected later this week.

Mr Chakrabarty was made chairman of PNB in June 2007, after heading Chennai-based Indian Bank. On Monday, Indian Banks��� Association (IBA) had named him as its chairman for the financial year 2009-10.

Mr Chakrabarty, doctorate holder in statistics and a gold medalist in MSc (Statistics) started his banking career with Bank of Baroda as planning officer in 1978 and progressed to the post of general manager in a short span. He held important positions at Bank of Baroda, including corporate planning, MIS, economic research and IT departments.

He also headed resource management function at its corporate office, Mumbai and integrated treasury function and corporate risk management function.

Mr Chakrabarty was elevated to the post of ED at PNB and assumed charge as CMD of Indian Bank on June 9, 2005. Currently, he is also director of United India Insurance Company and member of management committee of IBA.