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RBI Appoints Deputy Governor M Rajeshwar Rao to Lead Monetary Policy.

Appointment | Dated: 17 Jan 2025

The Reserve Bank of India (RBI) has restructured the portfolios of its deputy governors following the completion of Dr. Michael Debabrata Patra's 5-year term, which was extended twice by one year, on 14th January 2025.

🎯 Key Highlights:

  • - The central bank has reallocated its 33 departments among the three deputy governors – Rajeshwar Rao, T Rabi Sankar, and Swaminathan Janakiraman.
  • - The important Monetary Policy department, previously headed by Michael Debabrata Patra, has now been assigned to Deputy Governor M Rajeshwar Rao.
  • - M Rajeshwar Rao will manage 11 portfolios, including Co-ordination, Department of Communication, Department of Economic and Policy Research, Department of Regulation, Department of Statistics and Information Management, Enforcement Department, International Department, Legal Department, Monetary Policy Department, Risk Monitoring Department, and the Secretary's Department.

💡 Other Important Facts:

  • (i) Rabi Sankar will manage 13 departments, including Currency Management, Information Technology, Financial Markets Operations, and Financial Markets Regulation.
  • (ii) Swaminathan Janakiraman will oversee 9 departments, including Supervision and the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • (iii) Dr. Michael Debabrata Patra, who served as RBI deputy governor from 2020, had his term extended twice in 2023 and 2024. He was also a member of the Monetary Policy Committee (MPC) since its inception in 2016.

📚 Test Your Knowledge:

Recently, who was appointed by the RBI to lead the Monetary Policy Department?

Correct Answer: M Rajeshwar Rao

🚀 Quick Recap:

About RBI

  • Governor : Sanjay Malhotra
  • Headquarter : Mumbai