Reserve Bank of India or RBI assigned BP Kanungo to run the monetary policy portfolio. The monetary policy department, including forecasting and modelling unit, was earlier looked after by Acharya, who ended his stint as the deputy governor after last month’s surprise resignation where the outspoken academic chose to cut short his time in office.
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Now, all the other three deputy governors N S Vishwanathan, BP Kanungo and M K Jain have been made responsible for 12 departments each.
In addition to his earlier portfolios, Kanungo will also look after economic and policy research and statistics and information management.
Deputy Governor Jain has been given additional charge of corporate strategy and budget, financial stability unit, and human resource management. He will be in charge of the right to information division.
The release further said besides the portfolios he was holding since June 2018, Vishwanathan has also been entrusted with departments dealing with financial market opertations, financial market regulations and international issues.
The RBI, headed by Governor Shaktikanta Das, has four deputy governors. The government has not yet finalised replacement of Acharya.
About Monetary Policy:
Monetary policy is the process by which the monetary authority of a country.Typically RBI, the central bank or currency board, controls either the cost of very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.
About RBI portfolios work:
All the other three deputy governors N S Vishwanathan, BP Kanungo and M K Jain made responsible for 12 departments each.Deputy Governor Jain has been given additional charge of corporate strategy and budget, financial stability unit, and human resource management.Vishwanathan has also been entrusted with departments dealing with financial market operations, financial market regulations and international issues.The RBI, headed by Governor Shaktikanta Das, has four deputy governors. The government has not yet finalised replacement of Acharya.
About Acharya
Viral V. Acharya is an Indian economist who was appointed as Deputy Governor of Reserve Bank of India.He was a member of the Academic Council of the National Institute of Securities Markets, Securities and Exchange Board of India since 2014.