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. Kanungo, whose term was to end on April 2, had taken charge as deputy governor in April 2017. With this makeover, we also take a small step into social media. The RBI's other three deputy governors are B P Kanungo, M K Jain and Michael Debabrata Patra. Text Size: A-A+. File photo of the Reserve Bank of India | Photo: Suraj Singh Bisht | ThePrint. Name Tenure Shri M. Rajeshwar Rao: 09.10.2020 onwards: Dr. M. D. Patra: 15.01.2020 onwards: Shri M. K. Jain: 22.06.2018 onwards The board shall have maximum of four deputy governors. Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao. The Centre on Wednesday appointed RBI’s senior-most Executive Director M. Rajeshwar Rao as Deputy Governor.He succeeds N.S. It would do well to heed the words of Rakesh Mohan, one of its former deputy governors: “The owners or shareholders of the banks have only a minor stake and considering the leveraging capacity of banks (more than ten to one) it puts them in control of very large volume of public funds of which their own stake is miniscule. N S Vishwanathan, B P Kanungo and M K Jain are the other deputy governors working at the central bank. Pinterest. M Rajeshwar Rao appointed RBI Deputy Governor By KalingaTV Bureau On Oct 7, 2020 New Delhi: The Centre on Wednesday appointed M. Rajeshwar Rao as the Deputy Governor of the Reserve Bank of India (RBI). At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra. The MPC makes major decisions of monetary policies. Category: Awards, Persons & Places in News • Persons in News Current Affairs, Topics: deputy governor • Governor of RBI • Monetary Policy Commitee • RBI Act 1934 • Reserve Bank of India, © Copyright 2009-2019 GKToday | All Rights Reserved, Important Days & Events in Current Affairs. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. The fourth Deputy Governor’s position was vacant since NS Vishwanathan quit his position in March, about three months ahead of the completion of his term. He took the new charge last week. Linkedin. Michael Debabrata Patra has been appointed deputy governor of the Reserve Bank of India, according to a Personnel Ministry order. WhatsApp. The board is responsible to supervise banks, Non-Banking Financial Companies, financial institutions. Twitter. Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. Michael Patra was appointed as RBI's deputy governor, replacing Viral Acharya, who left office on July 23. His term completes in September 2020. He took the new charge last week. Kanungo, whose term was to end on April 2, had taken charge as a deputy governor … He manages internal debts, financial market operations, and international and secretarial departments at the central bank. Manojit Saha 18 August, 2020 12:30 pm IST. This is just a preliminary proposal. He was succeeded by N R Vishwanathan. Recently, the Government of India appointed economists Jayant R Varma, Shashank Bhide and Ashima Goyal as members of Monetary Policy Committee (MPC). The post fell vacant in March 2020 when the previous Deputy Governor N R Vishwanathan resigned citing health issues before his term completed. The Deputy Governor plays a major part in the RBI Board. New Delhi– The Centre on Wednesday appointed M. Rajeshwar Rao as the Deputy Governor of the Reserve Bank of India (RBI). The RBI currently has three Deputy Governors -- BP Kanungo, MK Jain and MD Patra. Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank. October 12, 2020 8:11 PM. Welcome to the refurbished site of the Reserve Bank of India. Vishwanathan retired on March 31. He quit in July 2019, six months before his term was scheduled to end. 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. © Reserve Bank of India. It acts as an advisory body and is not same as that of Monetary Policy Committee. The Appointments Committee of the Union Cabinet approved the appointment. The government on Wednesday appointed the Reserve Bank of India's (RBI) senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. The post fell vacant in March 2020 when the previous Deputy Governor N R Vishwanathan resigned citing health issues before his term completed. Government Exams 2020 Related Links IBPS SO The maximum strength of the board can be 21 including the governor of RBI and deputy governors. Earlier, Patra served as an adviser in charge of international finance, money, and banking in RBI's department of economic analysis. Close Rajeshwar Rao is a seasoned central banker. GoI appoints M Rajeshwar Rao as the new Deputy Governor of RBI. It’s not clear from where this idea has come. April 14, 2015 Dear All Welcome to the refurbished site of the Reserve Bank of India. The Deputy Governors are the ex-officio members of the board. Mumbai: The government said on Wednesday that it has appointed Reserve Bank of India ’s (RBI).executive director Rajeshwar Rao as the deputy governor of the central bank. They need to raise and conserve capital. Published: 24th October 2020 08:19 AM | Last Updated: 24th October 2020 08:19 AM | A+ A A- RBI deputy governor Michael Patra (File photo) By Express News Service On October 7, 2020, the Government of India appointed M Rajeshwar Rao as the new Deputy Governor of Reserve Bank of India. He took the new charge last week. Patra is a Phd in Economics from IIT Mumbai. October 7, 2020. The RBI is implementing whatever the government wants. 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. Since its establishment in 1935 by the Government of India, the RBI has been headed by twenty-five governors. The committee comprises of RBI Governor, cabinet secretary and financial service secretary. The notification has to be placed in front of the parliament within a month and both the houses should approve it. The RBI Board is appointed by the Government of India in accordance with the RBI Act, 1934. Rao takes responsibility for the departments of regulation, communication, enforcement, inspection, legal and risk monitoring. Here is everything you should know about RBI Governors and deputy governors from 1935 … Kanungo, whose term was to end on April 2, had taken charge as a deputy governor … The site can be accessed through most browsers and devices; it also meets accessibility standards. The deputy governor’s post was lying vacant in RBI since the retirement of N S Vishwanathan, about six months ago. Former Reserve Bank of India deputy governor Viral Acharya said his exit was a “form of dissent” in the wake of worsening ties between the government and the central bank. The governor of RBI may or may not take the advises provided by the board. Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature. The MPC fixes interest rates, repo rate, reverse repo rate. He will serve for an initial term of three years or “until further orders”. At present, the RBI has three deputy governors - BP Kanungo, MK Jain and Michael Debabrata Patra. Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017. Kanungo, M K Jain and Michael Debabrata Patra. Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor. At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. “These days the RBI is working in close co-ordination with the Central government. Updated: 15 Jan 2020, 07:53 PM IST PTI RBI issues revised portfolios of deputy governors; Michael Patra is the second insider after S.S. Tarapore to become deputy governor in … A former RBI Deputy Governor who did not wish to be named said the reasons behind barring corporate entry so far were obvious. The … India: The Reserve Bank of India has named Rajeshwar Rao as its new deputy governor. Earlier this year, the government extended Kanungo's tenure by a year with effect from 3 April, 2020. All Rights Reserved. The position had been lying vacant for more than six months after N.S. This says that the board cannot direct the Governor. Vishwanathan, who … Kanungo, whose term was to end on April 2, had taken charge as deputy governor in April 2017. This is because when it is needed, capital may not be available or become highly expensive," Vishwanathan said while speaking at a webinar organised by Enqube Collaboration. The RBI, headed by Governor Shaktikanta Das, can have a maximum of four deputy governors. However, the RBI Act says that the RBI board can make regulations with prior approval from GoI. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor. As per Section 8 of the RBI Act, 1934, the Central Government has the authority to appoint the Governors and Deputy Governors in The Reserve Bank of India. Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor. Facebook. Email. MUMBAI: The Reserve Bank of India (RBI) on Monday reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. The RBI's other three deputy governors are B.P. Earlier this year, the government extended Kanungo's tenure by a … (Source: www.rbi.org.in) Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao on Friday said non-banking financial companies (NBFCs) with significant externalities and which contribute substantially to systemic risks must be identified and subjected to a higher degree of regulation. His term completes in September 2020. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. Dr. Michael Debabrata Patra appointed as RBI Deputy Governor In pursuance with the Government of India notification dated January 14, 2020, Dr. Michael Debabrata Patra took over as the Deputy Governor of Reserve Bank of India today for a period of three years or until further orders, whichever is … The Deputy Governor is recommended by the Financial Sector Regulatory Appointment Search Committee. The RBI on Monday reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. Mumbai: The Reserve Bank of India on Monday rejigged the portfolios of deputy governors following the appointment of M Rajeshwar Rao as the new deputy governor. On October 7, 2020, the Government of India appointed M Rajeshwar Rao as the new Deputy Governor of Reserve Bank of India. Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. Mumbai: The Narendra Modi government is likely to conduct interviews on 22 August for the post of deputy governor in the Reserve Bank of India (RBI), sources told ThePrint. The Reserve Bank of India deferred its three-day interest-rate meeting due to start Tuesday, without giving any reasons or a new date for its policy decision.