International BusinessAfter Mohan's exit, Subbarao to handle monetary policy Dept
With two Deputy Governor posts falling vacant, the Reserve Bank has reallocated portfolios and Governor D Subbarao would handle the monetary policy department directly.
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Until now, this important department was being handled by Deputy Governor Rakesh Mohan, who demitted office several months ahead of his tenure to take up a teaching assignment at Stanford University.
The second post of Deputy Governor became vacant after V Leeladhar superannuated a few months ago. Punjab National Bank Chairman and Managing Director K C Chakrabarty is to take over as Deputy Governor on Monday.
Chakrabarty would handle at least eight divisions — customer services, administration and personnel management, IT, payment and settlement system, human resources, Rajbhasha, rural planning and credit and urban banking.
Apart from monetary policy, Subbarao will also handle the department of economic analysis and policy, department of statistics and information management.
The two other DGs — Usha Thorat and Shyamala Gopinath — would continue to handle the same portfolios as before.
Usha Thorat is looking after department of banking operations and development, banking supervision, currency management, expenditure and budgetary control, deposit insurance, inspection and premises.
Departments handled by Shyamala Gopinath are communication, government and bank accounts, external investment and operations, non banking supervision, financial markets, foreign exchange, internal debt management and legal department.
No decision has been taken yet for the replacement of Rakesh Mohan.