Mumbaii, Oct 9: In an ongoing revamp programme that aims to widen the Reserve Bank of India’s analytical and research capabilities, Governor Raghuram Rajan on Wednesday announced a restructuring in some of its departments.
The RBI through a statement said the portfolio reorganisation, which includes promotion of three senior officers as executive directors, is scheduled to be completed by the end of the month. The reallocation of portfolios will be effective from November 3.
MD Patra will head the departments of economic and policy research, monetary policy, and communication, while KK Vohra will manage human resources, corporate strategy and budget; G Mahalingam will be in charge of the department of statistics and information management, financial market operations and the international department, said the statement.
The move is reported to be Raghuram Rajan’s efforts to improve the RBI’s research expertise and bring it on par with that of the US Federal Reserve and the UK’s Bank of England.
The reorganisation has reportedly focused on portfolio reallocation in departments such as risk monitoring, foreign exchange, financial markets regulation, department of currency management, department of banking regulation and banking supervision.
Recently, the RBI board approved Rajan’s plan to create the posts of a chief operating officer and an additional deputy governor.
(With Agency Inputs)