With the government undecided on a Deputy Governor as Anand Sinha’s successor, Reserve Bank Governor Raghuram Rajan has distributed Sinha’s portfolios among the other three deputy governors. The crucial Department of Banking Operations and Development — which looks after the new bank licence process will now be handled by Deputy Governor HR Khan.
The reallocation was necessitated after Anand Sinha relinquished his charge as Deputy Governor on Saturday. Sinha is being appointed as an Advisor by the RBI to complete the process of issuing new banking licences.
In a statement on Monday, the RBI said Khan will also be looking after non-banking supervision, IT, inspection, government and bank accounts, foreign exchange and internal debt management.
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Governor Urjit Patel will look after departments of communication, economic policy & research, statistics & information management, financial markets and monetary policy.
Governor KC Chakrabarty will look after the departments of customer service, banking supervision, legal, currency management and Financial Stability Unit.