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Rajan recasts RBI organization structure

Reserve Bank of India governor Raghuram Rajan has effected a major change in the organizational structure of the central bank. The restructuring plan involves creating five clusters – regulation and banking services, supervision and risk management, monetary stability, financial markets and infrastructure, and operations and human resources – at the central office and each of these clusters being headed by a deputy governor and each of the segregated functions handled by an executive director. Accordingly, deputy governors H R Khan will look after financial markets and infrastructure, Urjit R Patel monetary policy and research, R Gandhi regulation and risk management and S S Mundra supervision and inclusion. RBI had earlier proposed creation of a position of chief operating office with the rank of a deputy governor, which was turned down by the government nominees on the board of the bank stating that the RBI Act needs to be amended for such an appointment. Rajan envisages that the new deputy governor to be appointed will look after the fifth cluster, that is, administration. RBI has also appointed M.D. Patra, K.K. Vohra and G. Mahalingam as executive directors.

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