Your Reason has been Reported to the admin. The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India, it said in a notification.He is currently the executive director of RBI… The Reserve Bank of India appointed M. Rajeshwar Rao as a deputy governor following Cabinet nod. RBI widely seen holding rates at policy meeting ending Friday, RBI defers CCB implementation by six months due to COVID-19, Reason why educators are using this for assessment. Déjà vu from RBI? The RBI announced portfolios of the four deputy governors effective from Oct.12, consequent upon the appointment of Rao as deputy governor. According to the RBI Act, 1934, the central bank needs to have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department. The central bank which has introduced many unconventional measures to aid recovery apart from cutting key rates by 1.15 percent, expects the Indian economy to shrink by 9.5 percent in FY21, Kaushik Basu added that there is a good reason that all successful economies have a clear line between industries and corporations on one hand, and banks and lending organisations on the other, The moratorium imposed on the crisis-ridden lender will be removed on Friday and depositors of LVB will be able to operate their accounts as customers of DBS Bank India from that day, said the Central bank. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. Michael Debabrata Patra has been appointed deputy governor of the Reserve Bank of India, according to a Personnel Ministry order. The government on Wednesday appointed M. Rajeshwar Rao as the Deputy Governor of the Reserve Bank of India (RBI), it said in a notification. October 07, 2020 23:47:48 IST. He advocated a more “calibrated and graded regulatory framework, proportionate to … As of 23 January 2017, he was appointed to serve a three-year term as a Deputy Governor of the Reserve Bank of India.He resigned from the post in July 20… Besides the department of regulation, Rao will look after the departments of communication, enforcement, inspection, legal, and risk monitoring, the central bank said in a statement. Shri Shaktikanta Das Governor: @10. Choose your reason below and click on the Report button. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Vishwanathan, who … Copyright © 2020. The maximum strength of the board can be 21 including the governor of RBI and deputy governors. Former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. The Governor of the Reserve Bank of India is the chief executive officer of India's central bank and the ex-officio chair of its Central Board of Directors. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison. Governor (and also Deputy Governors) is eligible for reappointment or extension. [2] [3] Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI—where he moved to in 2006—and as such, was an internal member of the powerful Monetary Policy Committee . The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra. He is currently looking after Internal Debt Management Department, International Department and Financial Markets Operation Department. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances. Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. For reprint rights: Govt appoints M Rajeshwar Rao as new deputy governor of RBI, Rajeshwar Rao, Lily Vadera front runners for Reserve Bank of India Deputy Governor post, Future policies need to be tailored to support economy amid COVID-19: RBI ED M Rajeshwar Rao, RBI appoints M Rajeshwar Rao as new Executive Director, Inciting hatred against a certain community, 15 At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. Vishwanathan retired on 31 March. Raghuram Rajan, a former RBI governor, and Viral Acharya, a former RBI deputy governor, said the proposal is a "bad idea". Dr. Ashok Gulati: 3. He was appointed as Deputy Governor in July 2014for a period of three years. Earlier this year, the government extended Kanungo's tenure by a year with effect from 3 April, 2020. Choose your winners rationally in 3 simple steps! The board shall have maximum of four deputy governors. The Deputy Governor plays a major part in the RBI Board. Updated Date: RBI executive directors M Rajeshwar Rao and Lily Vadera were the top contenders to succeed NS Vishwanathan as the central bank's fourth deputy governor, ET reported on August 25. An economics graduate and a Master of Business Administration from the University of Cochin, Rao joined RBI in 1984. Tomorrow is different. The RBI announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Rao as deputy governor. The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017. One of the deputy governors of the Reserve Bank of India (RBI) on November 6 pitched for tighter regulations for big non-banking financial companies (NBFCs), saying it … The position has been lying vacant for over four months after N.S. Reserve Bank of India’s newly-appointed Deputy Governor M Rajeshwar Rao on Friday said larger non-banking financial companies (NBFCs) should be regulated as strictly as banks to preserve financial stability. Rao was elevated as executive director in November 2016. Find latest and upcoming tech gadgets online on Tech2 Gadgets. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. Vishwanathan retired on March 31. The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra. Viral V. Acharya (born 1 March 1974) is an Indian economist who was appointed as Deputy Governor of Reserve Bank of India (RBI). Prior to joining RBI, he was Chairman and Managing Director, Bank of Baroda (India’s second largest bank). Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. The five-member committee recommended a three-year time frame for complete convertibility by 1999–2000. Shri M. Rajeshwar Rao appointed as RBI Deputy Governor In pursuance of the Government of India notification dated October 8, 2020, Shri M. Rajeshwar Rao took over as the Deputy Governor of Reserve Bank of India on October 9, 2020 for a period of three years or until further orders, whichever is earlier. The Governor earns just Rs 31,500 more than a Deputy Governor per month The difference between the gross salary of the RBI Governor and a Deputy Governor is also not much. He had a brief stint at the Securities Exchange Board of India. Sign up for a weekly curated briefing of the most important strategic affairs stories from across the world. Download The Economic Times News App to get Daily Market Updates & Live Business News. Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature. This will alert our moderators to take action. +TimesPrime subscription included worth ₹999*, Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion, Mirae Asset Emerging Bluechip Fund Direct-Growth. He has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank's regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi. REUTERS/Shailesh Andrade - RC1762284C00. Jamke Rakhna Kadam, dear MPC members! "The Appointments Committee of the Cabinet has approved the appointment of M Rajeshwar Rao, Executive Director, Reserve Bank of India to the post of Deputy Governor Reserve Bank of India (RBI)," a notification by the Department of Personnel and Training said. Days Trial, TimesPrime subscription included worth ₹999*. Shri Natarajan Chandrasekaran: 2. New Delhi: A search panel headed by the cabinet secretary is scheduled to interview eight shortlisted candidates on July 23 for the post of RBI deputy governor, sources said.The post had fallen vacant after senior-most deputy governor N S Vishwanathan demitted office three months ahead of his extended tenure on March 31 on health grounds after serving the monetary authority for 39 years. He looks after the following portfolios of RBI: banking supervision, currency management, financial stability, rural credit, customer service, as also, the Reserve Bank’s human resources and security. Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017. IN ITS proposal recommending entry of business houses into the banking sector, the Reserve Bank of India’s Internal Working Group (IWG) ignored the advice of financial experts it consulted. Why follow tips? The RBI's other three deputy governors are B P Kanungo, M K Jain and Michael Debabrata Patra. The position had been lying vacant for more than six months after N.S. Let's reshape it today, Hunt for the brightest engineers in India. Since its establishment in 1935 by the Government of India, the RBI has been headed by twenty-five governors. Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. Dr. M. D. Patra Deputy Governor: @13. The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge. Besides the department of regulation, Rao will look after the departments of communication, enforcement, inspection, legal, and risk monitoring, the central bank said in a statement. Mk Jain and Michael Debabrata Patra has been headed by twenty-five governors Ministry order,. 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