Contrary to expectations for a second extension, the Deputy Governor, BP Kanungo, retired from the Reserve Bank when he completed the extension one year on Friday.
Kanungo joined the RBI in 1982 and was in charge of financial management, foreign investment, operations, payments, and the payment system, among other things, during a four-year term as deputy governor, which began in April 2017.
governor Kanungo retires
The government had appointed him as deputy governor in March 2017 when Urjit Patel was emperor and took office on April 3, 2017, a three-year term ending on April 2, 2020, but was extended for one year. governor Kanungo retires
He was expected to be added a second time after the government canceled talks on his post of deputy governor, scheduled for March 10.
As deputy governor, Kanungo heads the departments of financial management, foreign investment and operations, government and bank accounts, information technology, payments and payment systems, foreign, internal debt management and the legal department.
Prior to his appointment as executive director, he also served as head of regional offices at the Reserve Bank in Jaipur and Kolkata, in addition to acting as bank investigator in Madhya Pradesh and Chhattisgarh.
Born in May 1959 in Odisha, he holds a Masters degree in Humanities from Utkal University and a Bachelor’s degree in law.
With his retirement, the RBI is left with three vice-governors – Mahesh Kumar Jain, Michael Patra and the newly appointed Rajeshwar Rao.
The three-year term of Governor Shaktikanta Das will resume in December.
Das took over the reins of government on December 11, 2018, after Urjit Patel’s unexpected departure nine months before the end of his three-year term, there were reportedly serious disagreements with the government over a number of issues.