CAFRAL, a not-for-profit organisation, is an independent body fully funded by the RBI.
Gopalakrishna took voluntarily retirement from the service with effect from April 20 to take over charge as director of CAFRAL on April 21, 2014, RBI said in a statement.
Gopalakrishna name was in the reckoning for Deputy Governor in place of Anand Sinha who retired in January.
He was the senior most among nine executive directors who appeared before the search panel headed by RBI Governor Raghuram Rajan. However, R Gandhi was selected for the post of Deputy Governor earlier this month.
A career central banker, Gopalakrishna joined the RBI in August 1980 and in a distinguished career spanning more than 33 years has worked in the areas of regulation and supervision of the banking sector, foreign exchange management, supervision of non-banking finance companies sector, payments systems, etc.
He was appointed as Executive Director on October 26, 2007, and looked after banking supervision, financial stability and communication before seeking retirement from the RBI. He also had a stint as the Executive Director of the Deposit Insurance & Credit Guarantee Corporation.