Gopinath gets Rakesh Mohan's portfolios

A day after Reserve Bank of India (RBI) deputy governor Rakesh Mohan moved out of Mint Road to the North Block as an economic affairs secretary, another deputy governor Shyamala Gopinath was handed over Mohan's portfolio "" the crucial departments of monetary management which includes monetary policy, internal debt management, external investments and operations.

This is in addition to her existing responsibilities of foreign exchange, legal, expenditure and budgetary control, government business and accounts.

Non banking supervision which was one of the erstwhile portfolios of Gopinath has been passed on to another deputy governor V Leeladhar who looks after the information technology, administration ad personnel, human resources, premises, rural planning and credit, urban banks and secretaries.

The key areas of banking operation and supervision will continue to be with K J Udeshi, who also has financial institutions, inspection, currency management, deposit insurance and credit guarantee under her fold as a deputy governor.

RBI officials termed the development as a temporary and routine restructuring till the time a new incumbent joins to fill in the place vacated by Mohan. However, industry sources said Mohan's RBI may not go for a new deputy governor and only after Udeshi retires next year executive directorUsha Thorat will be elevated the post of a DG.

"Gopinath will continue to hold the new portfolio. This is governor YV Reddy's core team. After almost a year of taking over, the governor has restructured the portfolios and has put in place his core team."

There have been changes in the portfolio in the executive director cadre as well. External investments and operation, administration and personnel and human resources portfolios have been allocated to VK Sharma who has been handling IDMD and premises.

The additional charges of Sharma were handled by AV Sardesai who will now be looking after rural planning and credit, urban banks, non banking supervision among others.

The other executive directors are Usha Thorat (banking operations and supervision and financial institutions), RB Burman ( information technology), PK Biswas ( currency management), NV Deshpande ( principal legal advisor ), N. Jadhav ( Chief economist and principal economic advisor ), Subhha Rao ( government business, inspection , expenditure and budgetary control ).

Changes have also been effected in the Chief General Managers' level , primarily in the departments of expenditure and budgetary control, government business and accounts and administration and personnel management.