RBI Distributes Portfolios Among Deputy Governors, Know Who will Do What Work in RBI

Recently, RBI has appointed Dr. Poonam Gupta as Deputy Governor. With this appointment, the Reserve Bank of India (RBI) has made changes to the distribution of portfolios among its Deputy Governors. The bank’s current governor is Sanjay Malhotra.

The central board of directors is the main committee of the RBI. The Government of India appoints the directors for a four-year term. The board consists of a governor, and not more than four deputy governors; four directors to represent the regional boards; two – usually the Economic Affairs Secretary and the Financial Services Secretary – from the Ministry of Finance and ten other directors from various fields.

Let’s have a look at the responsibilities for each Deputy Governor. These new assignments will take effect from May 2, 2025.

1. Shri M. Rajeshwar Rao:

Shri M. Rajeshwar Rao will oversee the following departments:

• Co-ordination: Ensuring smooth communication and collaboration within various RBI departments.
• Department of Regulation: Handling the regulation of financial institutions and markets.
• Enforcement Department: Ensuring compliance with the rules and regulations of the RBI.
• Legal Department: Managing legal affairs, including advising on legal matters and managing litigations.
• Risk Monitoring Department: Monitoring and assessing risks within the financial sector.
• Secretary’s Department: Overseeing administrative tasks and supporting the RBI’s executive functions.

2. Shri T Rabi Sankar:

Shri T Rabi Sankar will take charge of a wide range of responsibilities across various departments:

• Central Security Cell: Ensuring security within the RBI’s operations.
• Department of Currency Management: Overseeing the management of currency notes and coins.
• Department of External Investments & Operations: Managing external investments and RBI’s operations abroad.
• Department of Government and Bank Accounts: Handling government transactions and the management of bank accounts.
• Department of Information Technology: Overseeing IT infrastructure and digital transformation efforts.
• Department of Payment and Settlement Systems: Managing payment systems and ensuring safe and efficient financial transactions.
• Fintech Department: Promoting and regulating financial technologies within the banking sector.
• Financial Markets Regulation Department: Regulating the operations in financial markets to ensure stability.
• Foreign Exchange Department: Managing foreign exchange operations and policies.
• Human Resource Management Department: Overseeing recruitment, employee welfare, and development at the RBI.
• Internal Debt Management Department: Managing the government’s internal debt.
• Right to Information (RIA) Division: Handling public information requests and ensuring transparency.

3. Shri Swaminathan Janakiraman:

Shri Swaminathan Janakiraman will be responsible for the following areas:

• Consumer Education and Protection Department: Educating and protecting consumers in the financial sector.
• Department of Supervision: Supervising financial institutions to ensure they comply with regulations.
• Deposit Insurance and Credit Guarantee Corporation: Managing insurance and credit guarantee schemes for depositors.
• Financial Inclusion and Development Department: Promoting financial inclusion and developing strategies to expand banking services.
• Inspection Department: Conducting inspections of financial institutions to assess compliance and stability.
• Premises Department: Overseeing RBI’s infrastructure and facility management.
• Rajbhasha Department: Promoting the use of Hindi and other regional languages within RBI communications.

4. Dr. Poonam Gupta:

Dr. Poonam Gupta will lead several key departments, focusing on strategy, economic research, and financial stability:

• Corporate Strategy and Budget Department: Developing long-term strategic goals and managing the RBI’s budget.
• Department of Communication: Handling all external communications, media relations, and public outreach.
• Department of Economic and Policy Research: Conducting research and analysis on economic trends and policy development.
• Department of Statistics and Information Management: Managing RBI’s data and statistical operations.
• Financial Markets Operations Department: Overseeing RBI’s financial market operations to maintain market stability.
• Financial Stability Department: Ensuring the financial system remains stable and resilient to shocks.
• International Department: Managing RBI’s international relations and foreign financial interactions.
• Monetary Policy Department: Formulating and implementing monetary policy to control inflation and stabilize the economy.

These new assignments will play a crucial role in the effective functioning of the RBI, with each Deputy Governor managing a critical set of responsibilities aimed at maintaining financial stability, supporting economic growth, and ensuring the smooth operation of the banking sector. Click here to read more news.