RBI promotes 3 senior officials as EDs, reshuffles portfolios

MUMBAI: The Reserve Bank of India has created two more positions of executive directors and prepared the ground for a fifth deputy governor as governor Raghuram Rajan looks to lift the central bank’s analytical and research capabilities to equal that of the US Federal Reserve and the Bank of England. RBI on Tuesday appointed Michael Patra, KK Vohra and G Mahalingam as new executive directors.

“As a part of the restructuring exercise which is underway, the Reserve Bank of India has created two new posts of executive directors (EDs) and has also appointed a new ED against an existing vacancy,” a central bank release said. RBI is also restructuring some departments as part of its reorganisation exercise already underway. The RBI board had recently approved Rajan’s proposal for a radical overhaul of the institution to shake up a system seen as staid and rigid, by shrinking organisational bloat and reducing overlaps. It also approved establishing the post of a chief operating officer besides an additional deputy governor and executive.

In the revised portfolio, which will be effective from November 3, Michael Patra will be in charge of the departments of communication, economic analysis and policy research and monetary policy. Vohra will be in charge of corporate strategy and budget management and HR department, among others, while Mahalingam will head the international department and financial market operations departments, among others. Deepak Mohanty, who has been executive director in charge of departments of monetary policy and economic analysis of policy research, will now take charge of financial stability unit and inspection department, among others.