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Mumbai, Mar 31 () The Reserve Bank on Tuesday reallocated portfolios of deputy governors, with the Department of Regulation being entrusted to M K Jain. The move was necessitated as N S Vishwanathan demitted office on Tuesday, an RBI communique said. Among Vishwanathan's portfolios, regulation goes to Jain, a career commercial banker-turned-central banker, while inspection will be taken care of by B P Kanungo. Kanungo, a career central banker whose term was extended on Tuesday, will also oversee the coordination function, while risk monitoring will go to Jain. Jain will also take care of communication, while enforcement and secretary departments will be headed by Kanungo, the RBI said. Kanungo, Jain and the third DG Michael Patra will continue to hold their earlier portfolios. AA ABMABM

RBI reallocates portfolios of deputy governors

New Delhi, Jul 12 () 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. The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference on July 23, the sources said. The selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval, they added. Besides the cabinet secretary, other members of FSRASC include the RBI Governor, financial services secretary and two independent members. This vacancy of RBI deputy governor has been reserved for the central bank's internal candidate, who would look after the key supervisory and regulatory functions at the Mint Road. As per the RBI Act, the central bank should have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department. At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. Earlier this year, the government extended Kanungo's tenure by a year with effect from April 3, 2020. Kanungo, whose term was to end on April 2, had taken charge as a deputy governor in April 2017. The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances. DP ANZ ABM

Eight shortlisted for RBI deputy governor post; interview on July 23

Mumbai, Mar 5 () RBI Deputy Governor N S Vishwanathan has decided to step down by March 31 due to ill health, three months before the end of his extended one-year tenure. While the Reserve Bank has accepted his request to be relieved by March 31, the same has to be accepted by the Cabinet as well, which is likely to happen any day given his health condition, a person in the know of the development said. His one-year extension was to end on July 3. RBI spokesperson Yogesh Dayal refused to confirm or deny the development. Sources said, despite ill health, the senior most deputy governor at the RBI was planning to leave by end-April, but the deteriorating health did not allow him. So he has asked for an early retirement. The 62-year-old has been in-charge of the key supervisory and regulatory functions at the Mint Road and it was this powerful position that led the government to offer him an extension given the mess in the banking system. The RBI's supervisory and regulatory powers came under criticism after IL&amp;FS, one of the largest NBFCs went belly up in September 2018. And then came the scam at the city-based Punjab &amp; Maharashtra Cooperative Bank in September 2019. Both incidents dented the image of RBI's regulatory prowess. After being appointed as the deputy governor on June 28, 2016 for a three-year-term, Vishwanathan has served under three governors -- Raghuram Rajan, Urjit Patel and Shantikanta Das. Before the elevation, he was an executive director of the central bank. Born in June 1958, he did his Master's in economics from the Bangalore University and joined the central bank in 1981. In July 2019, the Appointments Committee of the Cabinet re-appointed Vishwanathan for one year till July 3, 2020. If the resignation is accepted by the Cabinet, Vishwanathan will be second deputy governor to leave after Das took over as the governor in December 2018. Deputy Governor Viral Acharya left in June 2019. As deputy governor, Vishwanathan is heading the departments of banking regulation, co-operative banking regulation, non-banking regulation, Deposit Insurance &amp; Credit Guarantee Corporation, the financial stability unit, and departments of inspection, risk monitoring and also the secretary's department. Before he became the deputy governor, he was on a three-year deputation to the Bank of Mauritius, the central bank of Mauritius, as director of supervision. An RBI observer said his departure will pose a challenge for the central bank to navigate the key supervisory and regulatory functions in one of its most difficult times. He was one of the key supporters for governor Patel in getting the crippled state-run banks under prompt corrective action framework as also sending the largest defaulters for bankruptcy through the February 2018 circular (which was struck down by the Supreme Court last April). BEN ANUANU

Vishwanathan decides to step down as RBI deputy guv by Mar 31

Mumbai, Jan 15 () Newly appointed RBI Deputy Governor Michael Debabrata Patra will look after the key monetary policy department along with seven other units, the central bank said after reshuffling portfolios of deputy governors.
Besides the governor, the Reserve Bank of India (RBI) has four deputy governors looking after different departments.
Patra, who was the executive director, took over the post that was lying vacant since June last year when Viral Acharya resigned.
As executive director, he was a member of the Monetary Policy Committee (MPC) of the RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as deputy governor.
As deputy governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), the central bank said.
He is the second insider after S S Tarapore to become deputy governor in charge of monetary policy. Mostly, the position in the past has been given to external economists. 
His other portfolios include Financial Markets Operations Department, Financial Markets Regulation Department including Market Intelligence, International Department, Department of Economic and Policy Research, Department of Statistics and Information Management, Corporate Strategy and Budget Department and Financial Stability Unit.
The RBI further said Deputy Governor N S Vishwanathan will look after departments of co-ordination, regulation, communication, enforcement department, inspection department, and risk monitoring. He has also been assigned the job of Secretary's Department.
Ten departments including currency management, information technology, and foreign exchange, had been given to B P Kanungo.
Deputy Governor M K Jain will look after departments of supervision, financial inclusion, human resources, among others. 
Patra, a career central banker since 1985, has worked in various positions in Reserve Bank of India. 
A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, Patra has a PhD in Economics from the Indian Institute of Technology, Mumbai. NKD CS
MKJ

Newly appointed Dy Guv Patra to look after RBI's monetary policy division

Mumbai, Mar 31 () The government has extended the tenure of RBI Deputy Governor B P Kanungo by a year. The central government has re-appointed B P Kanungo as Deputy Governor, Reserve Bank of India, for a further period of one year with effect from April 3, 2020, or until further orders, whichever is earlier, upon completion of his existing term on April 2, 2020, the RBI said in a release. KPM MKJ

Govt extends term of RBI deputy governor Kanungo by one year

The <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> has made the <keyword id="20572901" type="General" weightage="20" keywordseo="loan-sanctioning" source="keywords">loan sanctioning</keyword> system adopt an online mode, but the <keyword id="21614839" type="General" weightage="20" keywordseo="loan-recovery" source="keywords">loan recovery</keyword> still requires a 'feet on the street' approach, says <keyword id="20506781" type="General" weightage="20" keywordseo="swaminathan-j" source="keywords">Swaminathan J</keyword>, Deputy Governor of Reserve Bank of India (RBI). Speaking at a media event in Mumbai, the deputy Governor of RBI noted that with the digital infrastructure at place, many <keyword id="22721545" type="General" weightage="20" keywordseo="fintech-players" source="keywords">fintech players</keyword> are giving loans to customers with poor credit profiles, and up on default, use aggressive recovery tactics. "While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending <keyword id="22791879" type="General" weightage="20" keywordseo="small-value-loans" source="keywords">small-value loans</keyword> to customers who often have a poor credit profiles" said the deputy governor. He emphasized that the business model of many fintech platforms involves offering small-value loans to customers who often have poor credit profiles. This has led to the adoption of aggressive recovery strategies, which on many occasions also crosses ethical boundaries. He also highlighted one particularly concerning practice that involves the invasion of customers' privacy, where recovery agents access the personal data and contacts of borrowers and use that as a threat practice. Swaminathan cautioned that such tactics not only infringe on individuals right to privacy, but also risk damaging the reputation of regulated lenders associated with these fintech platforms. He also highlighted RBI's regulations on outsourcing, that even though regulated financial entities delegate certain activities to third parties, they remain ultimately accountable for the actions of their outsourced agents. The deputy governor also noted that the digitisation allows banks and NBFCs to leverage data for greater insights into their customers' requirements and behaviour, which can be used for developing bespoke products apart from facilitating better risk management and compliance. He stated that the role of RBI as a regulator is to establish guardrails or a balanced framework that encourages innovation while ensuring that risks are managed prudently. The deputy governor also indicated the primary goal of RBI is to ensure the stability and integrity of the financial system and not to hinder business operations.

Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> and his deputies have got a big pay hike with the government more than doubling their basic salary to Rs 2.5 lakh and Rs 2.25 lakh per month, respectively, according to a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
 
The "basic pay of the Governor and Deputy Governors" has been revised retrospectively with effect from January 1, 2016 and marks a huge jump from Rs 90,000 basic pay so far drawn by the Governor and Rs 80,000 for his deputies. 
 
Still, their salaries are much lower than the top executives of various banks regulated by the RBI. 
 The monthly emoluments of these top RBI officials include 'basic pay', dearness allowance and 'other payments', which totalled Rs 2,09,500 in case of <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> as on November 30, 2016, as per the latest information disclosed on the RBI website. 
 In response to a query by PTI under the Right to Information (<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword>) Act, the central bank has now disclosed that as per a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> communication, dated February 21, the basic pay of the Governor and Deputy Governors have been revised. 
 
Following the revision, the basic pay of the Governor stands increased to Rs 2,50,000 per month while the same for a Deputy Governor would be Rs 2,25,000, RBI said. 
 
The pay hike is "with effect from January 1, 2016". 
 
Dearness Allowance would be notified by the central government from time to time while "all other allowances (are) to be paid at existing rates as if the pay has not been received with effect from January 1, 2016," the RTI reply said. 
 
The RBI, however, did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. 
 
With the earlier basic pay of Rs 90,000, Patel got a DA of Rs 1,12,500 and 'other payments' of Rs 7,000 -- totalling to a gross pay of Rs 2,09,500. The increase in the basic itself would take his gross pay to nearly Rs 3.70 lakh. 
 Patel, who took over the reins of the central bank in September 2016, had received a salary of Rs 2.09 lakh in October -- the first full month in office. This amount was same as drawn by his predecessor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> in August that year. 
 <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> assumed RBI governorship from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was raised to Rs 2.09 lakh from Rs 2.04 lakh in January 2016. 
 
It was not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay for Governor has been revised retrospectively while covering little more than nine months of his tenure. 
 Currently, RBI has four deputy governors -- R Gandhi, S S <keyword id="66822" type="CITY" weightage="20" keywordseo="Mundra">Mundra</keyword>, N S <keyword id="260413" type="PERSON" weightage="20" keywordseo="Vishwanathan">Vishwanathan</keyword> and Viral V Acharya. 
 
At the end of November last year, Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month. Acharya took charge in January this year.

Here’s how much RBI governor
Urjit Patel will earn now after salary hike

<keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> has been appointed the next Reserve Bank of India Governor. 52 year Patel was the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Deputy Governor prior to this elevation. Notably, <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>'s term is ending in September. 
 
Patel (born 28 October 1963) is an eminent economist, consultant and banker. He was also Advisor of the Boston Consulting Group. 
 
As Deputy Governor of RBI, Dr Patel looked after Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.

Urjit R Patel to replace Raghuram Rajan as the New RBI Governor

Hyderabad, May 15 (): As people are hesitant todeal with paper currency due to the COVID-19 crisis, banksneed to exploit various tools such as whatsapp to pushdigital plans, former RBI deputy governor HR Khan said hereon Friday. He said as lockdown prompted many organisations toadopt work from home culture, human resources aspects may betweaked to focus on outcome rather than attendance. Covid-19 crisis provides an opportunity to revive,re-invent and move more banking products and services to thedigital platforms, he said.Customers are hesitant to deal with paper currencyor visit the branch premisesat this point; this would helpin digital push, Khan said."We need to expand other customer-facing productssimilarly. Whatsapp is being used in a big way, even by oldpeople though they are not digitally savvy. We need to learnthe right lessons from such tools and plan our strategieslike DoingBankingfrom Home to reach out to customers acrosssegments, he said. He was addressing on "Covid-19 Pandemics &amp; BCCP inBanks: People Perspectives" at the Institute for Developmentand Research in Banking Technology (IDRBT) throughvideoconferencing. According to him, there is a need to move fromstrict individualistic hierarchies to hybrid, distributedworking models aimedtowards teamwork and collaboration. Banks should identify and benefit from employeeswho can multi-task even as reskilling employees, especiallythrough e-learning, can help create a multi-skilledworkforce, he said. Asserting that data confidentiality andinfrastructural challenges are critical in the bankingindustry, Khan said many banks lack common sharedrepositories and databases, which have now become important. After the experience of lockdown which forced manypeople to work from home, which poses its own challenges,Khan said, HR aspects may be tweaked to focus on outcomesrather than attendance. Technology can be exploited toensure employees professional and psychological well-being." In parallel, the banking industry has to flag theregulatory, legal and taxation-related issues that may arisefrom work from home (WFH) and other distributed and flexibleforms of working landscape, he added. GDKNVG NVG

Banks need to push digital plans now: ex-RBI Deputy Governor

Mumbai, Mar 31 () The Centre has extended the tenure of Reserve Bank Deputy Governor B P Kanungo by a year with effect from April 3, 2020.Kanungo, whose term was to end on April 2, had taken charge as a deputy governor in April 2017."The central government has re-appointed B P Kanungo as deputy Governor, Reserve Bank of India for a further period of one year with effect from April 3, 2020, or until further orders, whichever is earlier, upon completion of his existing term on April 2, 2020," the RBI said in a release. Kanungo has under him at the RBI the Department of Currency Management, Department of External Investments &amp; Operations, Department of Government &amp; Bank Accounts, Department of Information Technology and Department of Payment &amp; 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.The apex bank has four deputy governors. Other three are N S Vishwanathan, M K Jain and Michael Debabrata Patra. KPM MKJ

B P Kanungo gets one-year extension as RBI Deputy Governor

<ul><li>Viral Acharya, member of India's monetary policy panel, has quit to go back to teaching at New York University. </li><li>Acharya has quit six months before his three-year term ends at RBI. </li><li>Acharya had earlier said that curbing the RBI’s independence as ‘potentially catastrophic’ </li></ul> An outspoken top cat from India’s central bank, Viral Acharya, has quit to go back to teaching at New York University. He had cited ‘unavoidable personal reasons’ for his resignation, six months before his three-year term ends at Reserve Bank of India (RBI). "A few weeks ago, Dr. Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019. Consequential action arising from his letter is under consideration of the Competent Authority," the RBI statement said. This is the third high-profile person to unexpectedly quit from the RBI since the Narendra modi government came to power. Former <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI Governor</keyword> <a href="https://www.businessinsider.in/miscellaneous/urjit-patel-resigns-as-governor-of-rbi-indias-central-bank/slidelist/67042856.cms" data-type="tilCustomLink" target="_blank">Urijit Patel too left before his term ended</a>, making him the first governor since 1990s to do so. His predecessor <a href="https://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6?IR=T" data-type="tilCustomLink" target="_blank">Raghuram Rajan’s term too was not extended</a>, and he chose to teach at Chicago Booth School of Business. This youngest ever member of RBI since liberalization in India, had earlier stirred the hornet’s nest by pointing out <a href="https://www.businessinsider.com/r-why-indias-modi-wants-to-increase-control-over-the-central-bank-2018-11?IR=T" data-type="tilCustomLink" target="_blank">government’s pressure on the banking regulator</a>. In November last year, Acharya said that curbing the RBI’s independence could be ‘potentially catastrophic’. This was after a pre-election government had asked the regulator to relax lending restrictions on a few banks. This trimming of regulatory powers had not gone down well with NYU-educated Acharya, who also worked there. Acharya also believes, according to one of his papers, that state-owned banks are in a better position than private sector banks, in spite of their weak financials. This is because state-owned banks have better access to government guarantees. Poor man’s Rajan Acharya had famously called himself ‘Poor man’s Raghuram Rajan’ after the former RBI head who had paved the way for modernization in the banking system by allowing payment banks. Acharya is extremely well known in economic circles for his sharp and holds-no-barrel opinions on the economy. He has also <a href="https://www.business-standard.com/article/economy-policy/cricketer-poet-singer-central-banker-meet-viral-acharya-116122801219_1.html">co-authored papers</a> with Rajan. In one of his papers, Acharya had said that myopic governments default less often but also tax in a manner which makes the country vulnerable to defaults in the future. Economy is not the only thing that Acharya is famous for. This boy from South Mumbai and an IIT engineer was also part of the premier institution’s cricket team. He also composed a music album called ‘Yadoon ke Silsile’, and also plays at a band in an Indian film music band in New York and New Jersey. SEE ALSO: <a href="https://www.businessinsider.in/markets/economy/minutes-of-the-rbi-june-2019-meeting-viral-acharya-quotes-ernest-hemmingway/articleshow/69876273.cms" data-type="tilCustomLink" target="_blank">Ernest Hemingway helped an Indian economist change his mind on interest rates-- reveal the latest minutes of RBI's June meeting</a> <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms" data-type="tilCustomLink" target="_blank">A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves</a>

Viral Acharya resigns: The member of Indian central bank's monetary policy panel and a government critic quits before his term ends to return to US

For the first time, the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>), country’s apex bank, is looking for a deputy governor from the private sector. The RBI has issued an advertisement for the post, which is open for all. Present deputy governor <keyword id="816322" type="UNKNOWN" weightage="100" keywordseo="ss-mundra">SS Mundra</keyword>'s term ends in July this year, after which the post would be vacant. The advertisement has been published in newspapers as well as on the RBI website. To apply, a candidate needs to be less than 60 years of age (can be relaxed in certain cases), with over 15 years of experience in banking and financial market operations. (S)he must also have held the positions of whole-time director or board member. Fixed for three years, the role would offer a pay scale of Rs 2,25,000 per month. Traditionally, RBI has been appointing four deputy governors; two from within the central bank, one economist generally from the government, and the other from the public banking sector. The ad however doesn’t specify whether the candidate has to be from public sector or can be from private sector as well.

You Searched For "RBI deputy governor" and got 12 results

RBI reallocates portfolios of deputy governors

PTI

Eight shortlisted for RBI deputy governor post; interview on July 23

PTI

Vishwanathan decides to step down as RBI deputy guv by Mar 31

PTI

Newly appointed Dy Guv Patra to look after RBI's monetary policy division

PTI

Govt extends term of RBI deputy governor Kanungo by one year

PTI

Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

ANI

Here’s how much RBI governor Urjit Patel will earn now after salary hike

BI India Bureau

Urjit R Patel to replace Raghuram Rajan as the New RBI Governor

Anushree Singh

Banks need to push digital plans now: ex-RBI Deputy Governor

PTI

B P Kanungo gets one-year extension as RBI Deputy Governor

PTI

Viral Acharya resigns: The member of Indian central bank's monetary policy panel and a government critic quits before his term ends to return to US

Katya Naidu

This could be your chance to assist Urjit Patel

BI India Bureau

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