RBI Deputy Governor KC Chakrabarty resigns

RBI Deputy Governor KC Chakrabarty resigns. RBI Deputy Governor.

The senior most Deputy Governor Reserve Bank of India (RBI) Mr. KC Chakrabarty has quit three months ahead of completion of his term.

KC-Chakrabarty-RBI-Dy-GovernorChakrabarty, 62, who was appointed as RBI Deputy Governor on June 15, 2009 for a period of three years. In 2012, he got an extension of two years. His extended term was to end on June 15, 2014.

He was always blunt with his views and made it public. Known for his strong views on the efficacy of CRR (cash reserve ratio) as a tool for monetary management, he was involved in verbal duel in 2012 with the then SBI Chairman Pratip Chaudhuri, who wanted its abolition.

According to news reports, he is likely to take up an overseas assignment.

Nine departments including Supervision, Financial Stability Unit, Urban Banks, Legal, Human Resources, Currency Management, Customer Service and Rural Planning and Credit were reporting to him. He is also the Chairman of the Bharatiya Reserve Bank Note Mudran. He also heads the Advisory Committee of College of Agricultural Banking (CAB).

Prior to his appointment as Deputy Governor, Chakrabarty was the Chairman and Managing Director (CMD) of Punjab National Bank (PNB).

Among the contenders for the Deputy Governor’s position that has fallen vacant due to his resignation are the chiefs of: Punjab National Bank (KR Kamath), Bank of Baroda (SS Mundra), Bank of India (Vijayalakshmi Iyer), Canara Bank (RK Dubey) and Indian Overseas Bank (M Narendra).

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