No communique from RBI on appointment of COO yet: GS Sandhu

Written by fe Bureau | Mumbai | Updated: Aug 21 2014, 07:22am hrs
The government is yet to receive any communication from the Reserve Bank of India (RBI) for appointment of a chief operating officer (COO), banking secretary GS Sandhu said on Wednesday, adding that the RBI Act would have to be amended in order to accommodate a COO.

Speaking on the sidelines of an event here, Sandhu said, We have not got any proposal so far. Once the proposal comes then definitely we will have to address it.

RBI had said last month that as a part of its human resources restructuring, it will group departments into five functional clusters and look at creating an additional position of a chief operating officer of the rank of deputy governor to head one of the five functional clusters. It (RBI board) also asked the Reserve Bank of India to initiate a dialogue with the government on the additional post of deputy governor and the legislative changes that will be needed, RBI had said in a statement on August 14. The RBI Act says that not more than four deputy governors can be appointed by the central government. At present, HR Khan, Urjit Patel, R Gandhi and S S Mundra hold the post.