NS Vishwanathan appointed as deputy governor of RBI

The Union Government has appointed NS Vishwanathan as deputy governor of the Reserve Bank of India (RBI).
His appointment was approved by the Appointments Committee of the Cabinet (ACC) presided by Prime Minister Narendra Modi in New Delhi.
NS Vishwanathan will shall have term will be for three years and will succeed Harun R Khan, who will superannuates on July 7, 2016 on turning 62.

About NS Vishwanathan

• Prior to this appointment, Vishwanathan was executive director in the RBI since April 2014. He was oversing banking and non-banking regulation departments.
• Earlier he had served as Principal Chief General Manager in the Department of non-banking supervision at RBI.
• He also had served as Chief General Manager of Vigilance at IFCI Ltd, Delhi-based government owned finance company.
• He also had served as a Director of Punjab National Bank (PNB) from September 2012 to May 2013. He was also nominee director at Dena Bank Ltd. from May 2011 to September 2012.

Appointments of RBI’s Deputy Governors 

• The RBI has four deputy governors – two from within the ranks and one commercial banker and an economist to head the monetary policy department.
• Previously they were appointed by a panel headed by RBI Governor. But now they are appointed based on recommendations of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary that also includes RBI Governor.
• Present Deputy Governors of RBI are the other being R Gandhi, S S Mundra) and Urjit Patel (an economist).

Month: Current Affairs - June, 2016