RBI Deputy Governor KC Chakrabarty gave early resignation

Dr. Kamalesh Chandra Chakrabarty (62), the Deputy Governor of RBI, resigned from the post against his scheduled term end, due to his personal reasons. His term was scheduled to end on June 30, 2014.

• Mr. Chaktabarty is also the Chairman of the Bharatiya Reserve Bank Note Mudran and also heads the Advisory Committee of College of Agricultural Banking (CAB).

 About Mr. KC Chakrabarty

• First RBI top official to quit before retirement in the last two decades.
• Appointed as RBI Deputy Governor for a three-year term on June 15, 2009 and was subsequently given a two-year extension. His extended term was to come to end on June 15, 2014. 
• Known for his strong views on use of Cash Reserve Ratio (CRR) as a tool for monetary management, was involved in verbal duel last year with the then SBI Chairman Pratip Chaudhuri, who wanted its abolition.
• Current portfolio at RBI:  Secretary’s Department, Department of Banking Supervision, Financial Stability Unit, Human Resource Management Department, Rajbhasha Department, Department of Currency Management, Deposit Insurance and Credit Guarantee Corporation, Customer Service Department and the Rural Planning and Credit Department.
• RBI’s nominee on the Financial Stability Board. (FSB- a global body established to develop and promote implementation of effective regulatory, supervisory and other financial sector policies).
• Previous jobs: Worked in Bank of Baroda, Chairman of the Indian Bank and then Punjab National Bank before being appointed as Deputy Governor of RBI.

Month: Current Affairs - March, 2014