No need for a fifth deputy governor, says Rajan

RBI Governor Raghuram Rajan today ruled out any possibility of appointment of a fifth deputy governor as the existing four have "already stepped up and taken additional responsibilities".
"... At this point, I find less need for a fifth deputy governor... It turns out that all the other four deputy governors have stepped up to the plate and taken a bit of it each one themselves. So, it is manageable...," Rajan told reporters from wire agencies here today.
In the past, there have been reports about a likely appointment of a fifth deputy governor at RBI.
Structure in RBI, Rajan said, has become more streamlined since he took over, adding that the restructuring process has gone ahead without the appointment of the fifth deputy governor.

"Deputy Governor R Gandhi looks after regulations... And (Deputy Governor) S S Mundra looks after supervision... And so, the clusters have happened," he reasoned.
On human resources, Rajan said RBI has put in place a performance evaluation scheme.

He said initially there was some resistance from the staff. "But I think the second round has gone much better than the first and over time, there would be greater acceptance," the governor said.
Rajan disclosed that RBI is in the process of setting up an RBI institute which will train its own staff as well as those from other central banks.

The central bank has created a strategic research wing, which is considering hiring PhDs internationally and domestically. It is also deputing more people to institutions where they can get requisite experience and develop expertise.
It's in the process of hiring a CEO for its IT subsidiary, the governor said.
"We have got applications and we are looking through them and taking a view," he added.