ANAND SINHA TO HEAD RBI'S DEPT OF BANKING OPERATIONS

Mr Anand Sinha on Wednesday took charge as Deputy Governor of the Reserve Bank of India. His appointment follows the superannuation of Ms Usha Thorat last November.

The new deputy governor has been allocated two regulatory departments — Department of Banking Operations and Development and Urban Banks Department.

He will also look after the Departments of Information Technology, Expenditure and Budgetary Control, Inspection, Legal and Premises.

Mr Sinha's term will be up to February 28, 2013.

Chakrabarty's portfolio

Meanwhile, Deputy Governor Dr K. C. Chakrabarty's portfolio has been expanded to include Department of Banking Supervision, Department of Currency Management, Department of Administration and Personnel Management, Rural Planning and Credit Department and Human Resources Department.

In August 2010, Dr Chakrabarty was stripped of his portfolios following his comments that the RBI was not raising interest rates aggressively enough.

He was then left with the oversight of four departments — Customer Services Department, Department of Information Technology, Inspection Department and Rajbhasha Department

SOURCE: http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article1103539.ece