With Michael Debabrata Patra’s extended term as RBI deputy governor coming to an end, the central bank has reshuffled portfolios of its deputy governors.

The key monetary policy department under Michael Debabrata Patra has gone to senior most Deputy Governor M Rajeshwar Rao.

The government, last year, extended Patra's term by one year till 14 January 2025. 

Besides, Rao has been assigned to the Department of Economic and Policy Research, Department of Statistics and Information Management and International Department. 

The central bank has reshuffled its 33 departments among the three deputy governors -- Rao, T Rabi Sankar and Swaminathan Janakiraman.

With the rejig, Rabi Sankar will look after 13 departments, including Currency Management, Information Technology, Financial Markets Operations and Financial Markets Regulation.

Swaminathan Janakiraman will look after nine departments, including Supervision and Deposit Insurance and Credit Guarantee Corporation.

Meanwhile, the government has initiated the selection process for the new Deputy Governor. 

The selection is done by the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary.

The other members of the committee include the Secretary, Department of Financial Services, the RBI Governor and three outside experts.

The central bank has four deputy governors, an economist to oversee the monetary policy department, one commercial banker, and two from within the ranks.