RBI has new roles for Urjit Patel's deputy governors

Mumbai: The Reserve Bank of India (RBI), weeks ahead of its sixth bimonthly policy review of 2016-17 on February 8, on Monday reshuffled portfolios’ of its four deputy governors who form part of central bank’s top brass along with governor, Urjit Patel.

Viral Acharya who assumed office of the deputy governor on January 20 has been tasked with handling the crucial Monetary Policy Committee (MPC). MPC that was formed on lines of the Federal Open Market Committee of the US Fed decides key interest rates, repo and reverse repo rates.

Achary would also take care of financial markets operations, economic research and regulation departments, according to the RBI that put up new roles for deputy governors on its website.

Under new set-up, R Gandhi would now handle legal and currency management departments. Bank of Baroda chairman and managing director S S Mundra has got department of banking supervision. Mundra would also handle financial inclusion and development department.

Apart from that, N S Vishwanathan who is also a deputy governor has been assigned department of banking regulation and financial stability unit. Department of non-banking regulation would also come under Vishwanathan.