The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra. The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Sign up for a weekly curated briefing of the most important strategic affairs stories from across the world. Days Trial, TimesPrime subscription included worth ₹999*. Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature. He looks after the following portfolios of RBI: banking supervision, currency management, financial stability, rural credit, customer service, as also, the Reserve Bank’s human resources and security. Section 8 (4) of the RBI Act explains the term of the Governor and Deputy Governors. Choose your reason below and click on the Report button. The Earth, Space & the Human Race Podcast Ep 8: Are people in Indian cities malnourished too. As a career central banker, he has exposure in various aspects of the central bank's functioning. October 07, 2020 23:47:48 IST. Copyright © 2020. New Delhi: A search panel headed by the cabinet secretary is scheduled to interview eight shortlisted candidates on July 23 for the post of RBI deputy governor, sources said.The post had fallen vacant after senior-most deputy governor N S Vishwanathan demitted office three months ahead of his extended tenure on March 31 on health grounds after serving the monetary authority for 39 years. The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra. An economics graduate and a Master of Business Administration from the University of Cochin, Rao joined RBI in 1984. The Centre on Wednesday appointed RBI’s senior-most Executive Director M. Rajeshwar Rao as Deputy Governor.He succeeds N.S. Dr. Ashok Gulati: 3. REUTERS/Shailesh Andrade - RC1762284C00. Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017. Former Reserve Bank of India (RBI) governor Raghuram Rajan and former deputy governor Viral Acharya believe that the move to let large corporations own … Shri Shaktikanta Das Governor: @10. Get technology news, gadgets reviews & ratings. Find latest and upcoming tech gadgets online on Tech2 Gadgets. The Tarapore committee was set up by the Reserve Bank of India under the chairmanship of former RBI deputy governor S. S. Tarapore to "lay the road map" to capital account convertibility. The Governor earns just Rs 31,500 more than a Deputy Governor per month The difference between the gross salary of the RBI Governor and a Deputy Governor is also not much. Prior to joining RBI, he was Chairman and Managing Director, Bank of Baroda (India’s second largest bank). RBI chief Shaktikanta Das says economic recovery 'stronger than expected', but warns of downside risk due to recent COVID-19 surge, Ex-World Bank economist says RBI's proposal to allow businesses into banking is 'good-looking' step in 'bad direction', Laxmi Vilas Bank, DBIL merger effective from 27 Nov, says RBI after Cabinet nod. As of 23 January 2017, he was appointed to serve a three-year term as a Deputy Governor of the Reserve Bank of India.He resigned from the post in July 20… Aditya Birla Sun Life Tax Relief 96 Direct-Growt.. Government appoints Rajeshwar Rao as RBI Deputy Governor, Mumbai: The government said on Wednesday that it has appointed. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. Vishwanathan retired on March 31. Vishwanathan, who … Shri Natarajan Chandrasekaran: 2. April 14, 2015 Dear All Welcome to the refurbished site of the Reserve Bank of India. The RBI announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Rao as deputy governor. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison. Besides the department of regulation, Rao will look after the departments of communication, enforcement, inspection, legal, and risk monitoring, the central bank said in a statement. Shri B.P. Mumbai: The government said on Wednesday that it has appointed Reserve Bank of India’s ().executive director Rajeshwar Rao as the deputy governor of the central bank. Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017. As per the RBI release, deputy governor M K Jain will look after central security cell, corporate strategy and budget department, consumer education and … He worked in diverse areas including currency management and information technology and was also the Executive Assistant to the RBI Governor for more than three years. He also served as a member of the advisory council of the RBI Academy and was a member of the Academic Council of the National Institute of Securities Markets (NISM), Securities and Exchange Board of India (SEBI) since 2014. Qualifications and Experience: (i) Persons who have at least 25 years of work experience in Public Administration including experience at the level of Secretary or equivalent in the Government of India; or He is currently looking after Internal Debt Management Department, International Department and Financial Markets Operation Department. +TimesPrime subscription included worth ₹999*, Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion, Mirae Asset Emerging Bluechip Fund Direct-Growth. The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge. The five-member committee recommended a three-year time frame for complete convertibility by 1999–2000. He has been appointed to the post for a period of three years, it said. Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. Governor (and also Deputy Governors) is eligible for reappointment or extension. The RBI Board is appointed by the Government of India in accordance with the RBI Act, 1934. Your Reason has been Reported to the admin. Viral V. Acharya (born 1 March 1974) is an Indian economist who was appointed as Deputy Governor of Reserve Bank of India (RBI). Firstpost - All Rights Reserved. Shri M. Rajeshwar Rao appointed as RBI Deputy Governor In pursuance of the Government of India notification dated October 8, 2020, Shri M. Rajeshwar Rao took over as the Deputy Governor of Reserve Bank of India on October 9, 2020 for a period of three years or until further orders, whichever is earlier. Raghuram Rajan, a former RBI governor, and Viral Acharya, a former RBI deputy governor, said the proposal is a "bad idea". Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao’s call for aligning the regulatory framework for non-banking financial companies (NBFC) with the “principle of proportionality” and scaling down their “network externalities within the … According to the RBI Act, 1934, the central bank needs to have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department. "The Appointments Committee of the Cabinet has approved the appointment of M Rajeshwar Rao, Executive Director, Reserve Bank of India to the post of Deputy Governor Reserve Bank of India (RBI)," a notification by the Department of Personnel and Training said. This will alert our moderators to take action. He advocated a more “calibrated and graded regulatory framework, proportionate to … Names and addresses of the Central Board of Directors of the Reserve Bank of India; 1. Earlier this year, the government extended Kanungo's tenure by a year with effect from 3 April, 2020. The government on Wednesday appointed M. Rajeshwar Rao as the Deputy Governor of the Reserve Bank of India (RBI), it said in a notification. He has previously held charge of the Risk Monitoring Department. Application for the post of Deputy Governor, Reserve Bank of India; 1. Besides the department of regulation, Rao will look after the departments of communication, enforcement, inspection, legal, and risk monitoring, the central bank said in a statement. Download The Economic Times News App to get Daily Market Updates & Live Business News. Reserve Bank of India’s newly-appointed Deputy Governor M Rajeshwar Rao on Friday said larger non-banking financial companies (NBFCs) should be regulated as strictly as banks to preserve financial stability. Gandhi joined Reserve Bank of India in 1980. Mumbai: The Narendra Modi government is likely to conduct interviews on 22 August for the post of deputy governor in the Reserve Bank of India (RBI), sources told ThePrint. Rao was elevated as executive director in November 2016. RBI executive directors M Rajeshwar Rao and Lily Vadera were the top contenders to succeed NS Vishwanathan as the central bank's fourth deputy governor, ET reported on August 25. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. RBI Board. Dr. M. D. Patra Deputy Governor: @13. The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. The central bank which has introduced many unconventional measures to aid recovery apart from cutting key rates by 1.15 percent, expects the Indian economy to shrink by 9.5 percent in FY21, Kaushik Basu added that there is a good reason that all successful economies have a clear line between industries and corporations on one hand, and banks and lending organisations on the other, The moratorium imposed on the crisis-ridden lender will be removed on Friday and depositors of LVB will be able to operate their accounts as customers of DBS Bank India from that day, said the Central bank. One of the deputy governors of the Reserve Bank of India (RBI) on November 6 pitched for tighter regulations for big non-banking financial companies (NBFCs), saying it … 15 Michael Debabrata Patra has been appointed deputy governor of the Reserve Bank of India, according to a Personnel Ministry order. Since its establishment in 1935 by the Government of India, the RBI has been headed by twenty-five governors. For reprint rights: Govt appoints M Rajeshwar Rao as new deputy governor of RBI, Rajeshwar Rao, Lily Vadera front runners for Reserve Bank of India Deputy Governor post, Future policies need to be tailored to support economy amid COVID-19: RBI ED M Rajeshwar Rao, RBI appoints M Rajeshwar Rao as new Executive Director, Inciting hatred against a certain community, 15 He had a brief stint at the Securities Exchange Board of India. The RBI announced portfolios of the four deputy governors effective from Oct.12, consequent upon the appointment of Rao as deputy governor. The Reserve Bank of India appointed M. Rajeshwar Rao as a deputy governor following Cabinet nod. Déjà vu from RBI? Vishwanathan retired on 31 March. IN ITS proposal recommending entry of business houses into the banking sector, the Reserve Bank of India’s Internal Working Group (IWG) ignored the advice of financial experts it consulted. Shri Mahesh Kumar Jain Deputy Governor: @12. The maximum strength of the board can be 21 including the governor of RBI and deputy governors. Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. The Deputy Governor plays a major part in the RBI Board. The position has been lying vacant for over four months after N.S. [2] [3] Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful Monetary Policy Committee . Choose your winners rationally in 3 simple steps! Tomorrow is different. Why follow tips? He was appointed as Deputy Governor in July 2014for a period of three years. Earlier this year, the government extended Kanungo's tenure by a year with effect from 3 April, 2020. At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. Let's reshape it today, Hunt for the brightest engineers in India. Name Tenure Shri M. Rajeshwar Rao: 09.10.2020 onwards: Dr. M. D. Patra: 15.01.2020 … The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances. Rao, who joined the RBI in 1984, has previously held charge of the Risk Monitoring Department of the central bank, A woman walks past the Reserve Bank of India (RBI) head office in Mumbai, India, December 6, 2017. Kanungo Deputy Governor: @11. The Governor of the Reserve Bank of India is the chief executive officer of India's central bank and the ex-officio chair of its Central Board of Directors. RBI widely seen holding rates at policy meeting ending Friday, RBI defers CCB implementation by six months due to COVID-19, Reason why educators are using this for assessment. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. Jamke Rakhna Kadam, dear MPC members! Updated Date: Days Trial He has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank's regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi. The position had been lying vacant for more than six months after N.S. The RBI's other three deputy governors are B P Kanungo, M K Jain and Michael Debabrata Patra. The board shall have maximum of four deputy governors. Vishwanathan, who retired three months ahead of schedule due to health reasons, was in-charge of portfolios … Shri Manish Sabharwal: 4. 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