Reserve Bank of India Governor D. Subbarao will now be directly in-charge of the Monetary Policy Department. The Department was under Deputy Governor Subir Gokarn, who had retired.
The Monetary Policy Department looks after policy issues, including interest rate. The third quarter review of monetary policy is scheduled to be announced on January 29.
Dr. Gokarn’s three-year term had ended in November last, but the government had given him one-month extension which expired on December 31, 2012.
The government is yet to finalise his successor. However, reports suggest that the name of Kalpana Kochhar, the World Bank’s chief economist for South Asia, is being considered for the post.
Besides the Monetary Policy Department, the Governor will oversee functioning of the Department of Economic and Policy Research, the Department of Statistics and Information Management.
The other portfolios under Dr. Gokarn have been distributed among deputy governors K. C. Chakrabarty, Anand Sinha and H. R. Khan.
Dr. Chakrabarty will now look after the DICGC, the Rajbhasha Department and the Right to Information Division, Dr. Sinha the Department of Communication and Risk Monitoring Department, and Dr. Khan the Financial Markets Department.
Meanwhile, the RBI has promoted Deepali Pant Joshi as Executive Director. She will look after the Customer Service Department and the Rural Planning and Credit Department. She will also be the Alternate Appellate Authority under the Right to Information Act, the RBI said in a statement. Previously, Ms. Joshi was the regional director of Rajasthan.