NS Viswanathan reappointed as Deputy Governor of RBI for one Year

Mangalore Today News Network

New Delhi, July 02, 2019 : The Appointment Commitments of the Cabinet has approved the re-appointment of NS Viswanathan as Deputy Governor of RBI for a period of one year with effect from 4 July, Yahoo reported.

 

Earlier on June 24, RBI Deputy Governor Viral Acharya resigned six months before the scheduled end of his term to return to New York University Stern School of Business (NYU stern) in August as CV Starr Professor of Economics.

Following the resignation of Acharya as RBI Deputy Governor before his tenure ends, the government and the Reserve Bank of India formed a selection panel after the Budget to look for his replacement.

The General Budget will be presented on July 5.

Acharya has asked to be relieved from July 23 in his resignation letter. The post will be advertised and applications will be invited for the same, while sources said Principal Economic Advisor at the Finance Ministry Sanjiv Sanyal may also be fielded.

Prior to Acharya, the post was held by Urjit Patel who later became RBI Governor. Sanyal was Deutsche Bank AG’s global strategist in Singapore until 2015.

The bank is headed by current Governor Shaktikanta Das with four Deputy Governors - B.P. Kanungo, N. S. Vishwanathan, Acharya and Mahesh Kumar Jain.

Vishwanathan and Kanungo were Executive Directors of the Reserve Bank before being elevated to the post of Deputy Governors. Jain was IDBI Bank Chief Executive Officer (CEO) before joing RBI.

Two of the four Deputy Governors are traditionally from RBI ranks and are selected from the bank’s Executive Directors. One is nominated from among the chairpersons of public sector banks and the other is an economist.