RBI Governor and Deputy Governors
Currently (January 2015), Raghuram Govinda Rajan is the Governor of RBI. The four Deputy Governors of RBI are Mr. Shri Harun Rashid Khan, Shri Urjit Patel, Shri R. Gandhi and Shri S S Mundra. Brief description about them is given below.
Raghuram Govinda Rajan: Governor
He is the current and the 23rd Governor of the Reserve Bank of India (RBI). He took over from D. Subbarao, on September 4, 2013. Prior to his appointment as RBI Governor, Rajan was Chief Economic Advisor (CEA) to Ministry of Finance, Government of India.
Rajan was the chief economist at IMF (International Monetary Fund) from October 2003 to December 2006. Rajan is at present on leave of absence as a professor of finance at the graduate business school at the University of Chicago.
Raghuram Rajan was born in Bhopal in India. He completed his Bachelors degree in electrical engineering from IIT Delhi, PGDM from IIM-Ahmedabad and Phd from MIT (USA) for his theisis “Essays on Banking”.
In 2005, Rajan In his paper, “Has Financial Development Made the World Riskier?”,Rajan predicted the financial crisis of 2008 in advance. His paper argued that financial managers were taking “Tail risks” i.e. those risks which generate serious results with small probability, but in return offered ample compensation the rest of the time. Thus, Rajan is credited to have predicted the 2008 financial crisis in advance in his research paper.
- Fischer Black Prize- In 2003, he was awarded this award by the American Finance Association for his contributions to the theory and practice of finance.
- Deutsche Bank Prize for Financial Economics- In 2013, he was awarded this award for his ground-breaking research work which influenced financial and macro-economic policies around the world.
- Best Central Bank Governor award- In 2014, he was awarded this award by Euromoney magazine.
Harun Rashid Khan: Deputy Governor
He was re-appointed as Deputy Governor in July 2014for a period of three years.
- For first time he was appointed Deputy Governorin July 2011.Prior to this appointment he was Executive Director of Reserve Bank of India since October 2007. He was also has served as Director of NABARD.
- He had joined Reserve Bank in 1978 after his Masters in Political Science from Utkal University, Bhubaneswar and Masters in Philosophy from the School of International Studies, Jawaharlal Nehru University, New Delhi.
- He is a Certified Associate of the Indian Institute of Banking and Finance (CAIIB) and holds Diploma in Business Management (DBM).
Urjit Patel: Deputy Governor
He was appointed as the Deputy Governor in January, 2013 for a period of three years.
- Prior to his appointment as the Deputy Governor he was Advisor (Energy & Infrastructure), The Boston Consulting Group.
- He holds a Ph.D. in Economics from Yale University (1990) and M. Phil. from Oxford (1986).
- He was with International Monetary Fund (IMF) between 1990 and 1995 and worked on the U.S., India, Bahamas and Myanmar desks.
- He was a Consultant (1998-2001) to the Ministry of Finance, Department of Economic Affairs, New Delhi.
R. Gandhi: Deputy Governor
He was appointed as Deputy Governor in April 2014 for a period of three years.He replaced AnandSinha.
- He looks after the following portfolios of RBI: Department of Banking Operations and Development, Department of Non-Banking Supervision, Urban Banks Department, Department of Expenditure and Budgetary Control, Department of Information Technology, Legal Department, Premises Department and Risk Monitoring Department.
- RBI career:Prior to this appointment he was Executive Director of RBI. He had started his career with RBI in 1980.
He has a Master’s degree in Economics from the Annamalai University, Tamil Nadu. He also has post graduate level certificates in Management Information System from The American University, Washington DC, USA and in Capital Market from the City University of New York, New York, USA.
S S Mundra: Deputy Governor
He was appointed as Deputy Governor in July 2014for a period of three years.
- He looks after the following portfolios of RBI: banking supervision, currency management, financial stability, rural credit, customer service, as also, the Reserve Bank’s human resources and security.
- Prior to joining RBI, he was Chairman and Managing Director, Bank of Baroda (India’s second largest bank).
- Banking career: He began his career as a Probationary Officer in Bank of Baroda in March 1977 and his banking career spans 37 years.
- He has held several challenging positions including heading Bank of Baroda’s European operations (UK) before being elevated as Executive Director of Union Bank of India in September 2010 and further as Chairman of Bank of Baroda in January 2013.
He holds a Masters Degree in Commerce and CAIIB.