MUMBAI: The government has extended the term of
RBI deputy governor
B P Kanungo
by a year even as
N S Vishwanathan
, another deputy governor, stepped down three months ahead of the end of his tenure. The RBI reallocated the portfolio managed by Vishwanathan among the three other deputy governors, Kanungo, M K Jain and M D Patra.
Jain will be in charge of regulation and supervision, which are now consolidated departments unlike in the past when they were split for banking and non-banking entities. He will also be in charge of communications.
In a statement on Tuesday, the RBI said Kanungo’s reappointment was for a period of one year effective April 3, or until further orders.
Kanungo has under Vishwanathan at the RBI the department of currency management, department of external investments & operations, department of government & bank accounts, department of information technology and department of payment & settlement system. Other departments are Deposit Insurance and Credit Guarantee Corporation (DICGC), foreign exchange department, internal debt management department, legal department and right to information departments.
Vishwanathan was reappointed
deputy governor
for one year but chose to step down early, according to sources, on grounds of health. Vishwanathan was in charge of the important department of supervision, which had come to the fore in recent years due to the divergence in bad loans detected by the RBI and those published by banks. He served under three governors,
Raghuram Rajan,
Urjit Patel and
Shaktikanta Das
.
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