He will also be in charge of co-ordination, the international department and secretary’s department.
The Reserve Bank of India (RBI) has allotted the monetary policy portfolio to deputy governor (DG) BP Kanungo after Viral Acharya resigned from the position last month. This means Kanungo will also become a de facto member of the monetary policy committee (MPC), which meets between August 5 and 7. The portfolio reshuffle will be effective Wednesday.
Kanungo will also be in charge of the departments of currency management, external investments and operations, economic and policy research, government and bank accounts, information technology, payment and settlement systems, statistics and information management, foreign exchange and internal debt management as well as the legal department and the Deposit Insurance and Credit Guarantee Corporation.
DG NS Vishwanathan, who got a one-year extension earlier this month, will lead the departments of banking regulation, communication, co-operative banking regulation, non-banking regulation, enforcement, financial markets operations, financial markets regulation, inspection and risk monitoring. He will also be in charge of co-ordination, the international department and secretary’s department.
The third DG, MK Jain, will be responsible for the Central Security Cell, corporate strategy and budget department, consumer education and protection department, department of banking supervision, department of co-operative banking supervision, department of non-banking supervision, financial inclusion and development department, Financial Stability Unit, HR management department, premises department, Rajbhasha department and the RTI division.