M Rajeshwar Rao to head MPC, T Rabi Sankar in-charge of financial market ops in RBI's portfolio rejig for deputy guvs

Swaminathan Janakiraman will be responsible for the departments of financial stability and financial inclusion and development

Reserve Bank of India (RBI) on January 14 announced new portfolios for deputy governors M. Rajeshwar Rao, T Rabi Sankar and Swaminathan Janakiraman effective from January 15, according to a press statement.

This comes after the central bank’s senior most deputy governor and in-charge of the monetary policy Michael Debabrata Patra’s tenure ended on Tuesday. The Central government has already initiated the process of finding Patra's successor.

The monetary policy department has now been reassigned M. Rajeshwar Rao, who also heads risk monitoring department and enforcement department among several others.

Rao will also be heading co-ordination, department of communication, department of economic and policy research, department of regulation, department of statistics and information management, international department, legal department and secretary's department.

From Patra’s portfolio, T Rabi Sankar has been assigned crucial financial markets operations department and financial markets regulation department, the central bank’s notification said.

The other departments that Sankar will be in-charge of are: central security cell, department of currency management, department of external investments & operations, department of government and bank accounts, department of information technology, department of payment and settlement systems, fintech department, foreign exchange department, human resource management department, internal debt management department and right to information (RIA) division.

Janakiraman will be responsible for the departments of financial stability and financial inclusion and development, the RBI statement said. Janakiraman's other departments are: Consumer education and protection department, corporate strategy and budget department, department of supervision, deposit insurance and credit guarantee corporation, inspection department, premises department and Rajbhasha department.