Mumbai, Jan. 23: RBI governor Urjit Patel has re-allocated the portfolios of deputy governors after Viral V Acharya assumed charge today. The RBI has a provision for four deputy governors, two of whom are appointed from outside while the other two are generally appointed from within. Acharya will oversee eight functions and prominent among them include monetary policy department, department of economic policy & research, financial markets regulation department and the financial markets operations department. Vishwanathan will look after the departments of banking regulation, co-operative banking regulation, non-banking regulation, deposit insurance and credit guarantee corporation and the financial stability unit. Since Acharya will be handling the monetary policy department, he will also be a member of the Monetary Policy Committee (MPC), which decides on interest rates.

Source: The Telegraph January 23, 2017 20:57 UTC