On Tuesday, the Reserve Bank of India ( RBI ) announced the redistribution of responsibilities among its three deputy governors, M Rajeshwar Rao, T Rabi Sankar, and Swaminathan Janakiraman, taking effect on Wednesday.
In total, Rao will oversee eleven portfolios, Sankar will supervise thirteen, and Janakiraman will handle nine, with each deputy governor tasked with specific functions that underpin the smooth functioning of the institution.
Rao’s scope of responsibilities has been broadened to encompass the Co-ordination Division, Department of Communication, Department of Economic and Policy Research, Department of Regulation, Department of Statistics and Information Management, Enforcement Department, International Department, Artificial Intelligence, Legal Department, Monetary Policy Department, and Risk Monitoring Department. He will also oversee the Secretary’s Department, thereby playing a key role in fostering transparency, policy formulation, and compliance across the RBI’s core areas.
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Sankar’s portfolio covers an extensive set of thirteen areas: the Central Security Cell, Department of Currency Management, Department of External Investments & Operations, Department of Government and Bank Accounts, Department of Information Technology, Department of Payment and Settlement Systems, Fintech Department, Financial Markets Operations Department, Financial Markets Regulation Department, Foreign Exchange Department, Human Resource Management Department, Internal Debt Management Department, and the Right to Information (RIA) Division. He will thus drive innovation, ensure robust currency management, and maintain secure transactions within both domestic and international markets.
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Janakiraman will manage nine departments, including the Consumer Education and Protection Department, Corporate Strategy and Budget Department, Department of Supervision, Deposit Insurance and Credit Guarantee Corporation, Financial Inclusion and Development Department, Financial Stability Department, Inspection Department, Premises Department, and Rajbhasha Department. His responsibilities underscore the importance of consumer protection, financial inclusion, and stable banking infrastructure.
In tandem with this restructuring, the broader economic landscape remains in sharp focus. Key discussions center on India’s trade imbalance with China, the potential impact of upcoming budgetary measures, and the government’s continued emphasis on regions like Andhra Pradesh. Meanwhile, industries and businesses eagerly anticipate strategic growth-oriented announcements, including possible tax reliefs and tariffs.
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