RBI Distributes Portfolios to Its 4 Deputy Governors

The Reserve Bank of India has reallocated portfolios among its deputy governors following the appointment of Rohit Jain, who assumed charge on Monday, as per the PTI reports.  

The changes come after the exit of T Rabi Sankar, whose extended term ended last week. The central bank continues to operate with 4 deputy governors, as mandated under the Reserve Bank of India Act, 1934. 

Rohit Jain Assigned 10 Departments 

Rohit Jain, previously an Executive Director at the RBI, has been given charge of 10 departments for a 3-year term. His responsibilities include corporate strategy and budget, external investments and operations, and financial markets regulation.  

He will also oversee foreign exchange, internal debt management, information technology, fintech, risk monitoring, and Rajbhasha. 

Most of these functions were earlier handled by Sankar, particularly those linked to markets, technology, and external operations. 

Swaminathan Janakiraman to Lead Coordination 

Swaminathan Janakiraman is now the senior-most deputy governor and will handle coordination across departments.  

His portfolio covers 11 divisions, including supervision, inspection, legal, and the Deposit Insurance and Credit Guarantee Corporation. 

He has also taken over the secretary’s department. In addition, he continues to oversee financial inclusion, human resources, consumer education and protection, premises, and internal security-related functions. 

Shirish Murmu’s Role Expanded 

Deputy Governor Shirish Chandra Murmu has been assigned 5 departments. His portfolio now includes currency management and payment and settlement systems, in addition to regulation, enforcement, and communication. 

The inclusion of currency and payments shifts some of the operational responsibilities that were earlier under Sankar. 

Poonam Gupta Retains Existing Portfolios 

Poonam Gupta’s responsibilities remain unchanged. She continues to oversee 6 departments, including monetary policy, economic and policy research, financial stability, statistics and information management, international operations, and financial markets operations. 

Read More: SEBI Engages Government to Simplify GST Framework for Commodity Derivatives! 

Conclusion 

The reshuffle redistributes operational and policy functions following the latest appointment, while retaining continuity in key areas such as monetary policy and supervision. 

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