boardstewardship.com

Tag: Deputy Governor

  • ACC Extends M. Rajeshwar Rao’s Tenure As Deputy Governor Of RBI

    ACC Extends M. Rajeshwar Rao’s Tenure As Deputy Governor Of RBI

    The Prime Minister, Narendra Modi’s led Appointment Committee of the Cabinet (ACC), has approved the reappointment of M Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI) for a period of one year with effect from October 9, 2024.

    M. Rajeshwar Rao, a career central banker, was given the role in October 2020 for three years. In 2016, he was appointed as RBI Executive Director. He is an economic graduate, and he also completed his MBA from the University of Cochin. In 1985 he joined the RBI.

  • RBI Asks Small Finance Banks To Strengthen Risk Governance

    RBI Asks Small Finance Banks To Strengthen Risk Governance

    The Reserve Bank of India (RBI) has advised small financing banks to improve governance and identify risks, with important areas of caution to ensure long-term success.

    RBI Deputy Governor J. Swaminathan has advocated for better governance in small financing banks, emphasising the significance of identifying possible hazards. In his speech, he challenged bank boards to consider their reliance on high-cost term deposits and bulk deposits from limited sources. He also advocated analysing asset exposures that could have an impact on banks if they became problematic. Swaminathan’s views highlight the importance of excellent risk management in ensuring the long-term viability of these institutions.

     

  • Former RBI Dy Governor HR Khan Reappointed as Chairman of AU Small Finance Bank

    Former RBI Dy Governor HR Khan Reappointed as Chairman of AU Small Finance Bank

    The Board of Directors of AU Small Finance Bank Limited, on August 17, 2024, has considered and approved the reappointment of Harun Rasid Khan as part-time Chairman and Independent Director (Non-Executive) with effect from December 28, 2024, for a term of 3 years. Subject to the approval of shareholders and the Reserve Bank of India (RBI).

    Deepak Jain, currently serving as Chief Risk Officer (CRO) of the bank, whose current term of 3 years as CRO is getting over on August 31, 2024, has been reappointed for 2 years w.e.f. September 1, 2024. Vinay Vaish, currently serving as Head of Internal Audit (HIA) of the Bank and whose current term of 3 years will be completed on October 6, 2024, has been reappointed as HIA for a further 2 years w.e.f. October 7, 2024.

    Harun Rasid Khan joined the Board of Directors of the Bank as an Independent Director (Non-Executive) on December 28, 2021, and took charge as part-time Chairman of the bank on January 30, 2024. He is a Certified Associate of the Indian Institute of Banking and Finance. He has over four decades of experience and has handled leadership positions as the Deputy Governor and the Executive Director at the Reserve Bank of India. He spent over 38 years with the RBI. He was a member of the Committees on Digital Payments set up by the Government of India and the RBI. He chaired the Corporate Bond and Securitisation Advisory Committee (CoBoSAC) of SEBI. Currently, he is a member of the Standing Committee on FPIs of the SEBI. He was also the Director on the Boards of Bandhan Bank Ltd., Dena Bank, Bank of Maharashtra, Punjab & Sind Bank, Bank of Rajasthan, NABARD, the National Housing Board, Reserve Bank Information Technology Pvt. Ltd., and the Orissa State Finance Corporation.

  • RBI Deputy Governor T. Rabi Sankar Got a one-year extension

    RBI Deputy Governor T. Rabi Sankar Got a one-year extension

    T. Rabi Sankar, RBI Deputy Governor, has been reappointed for a year by the Appointment Committee of the Cabinet (ACC) with effect from May 3, 2024.

    On Tuesday, the Department of Personnel & Training issued an order to this effect.

    Sankar was named RBI Deputy Governor in May 2021 for three years. He holds an M.Phil. in Economics from Jawaharlal Nehru University in Delhi. Prior to being promoted to the position of Deputy Governor in May 2021, he served as an Executive Director for the RBI. His responsibilities encompass oversight of various key areas, including the central security cell, currency management, foreign exchange, internal debt management, information technology, payment and settlement systems, external investments and operations, as well as government and bank accounts, among others.

    The RBI has four deputy governors: M.D. Patra, M. Rajeshwar Rao, J. Swaminathan, and T. Rabi Sankar, in addition to Governor Shaktikanta Das.

    The RBI Deputy Governor Michael Patra’s term was extended by the Centre in January of this year by an additional year, effective January 15. Patra is a member of the rate-setting panel and oversees the crucial monetary policy division.

  • RBI Deputy Governor Issues Warning on “Dark Patterns” in Digital Loan Misselling

    RBI Deputy Governor Issues Warning on “Dark Patterns” in Digital Loan Misselling

    In a recent alert, RBI Deputy Governor M Rajeshwar Rao warned of ‘dark patterns’ in the mis-selling of digital loans, signalling deceptive design interfaces and tactics that mislead users into high-cost, short-term consumer credit. Rao urged banks to bolster security against rising technology-induced frauds, encompassing fraudulent apps, privacy breaches, and deepfakes. Rao acknowledged fintech innovations’ positives but called for revamped regulations to ensure financial stability and customer protection. This caution comes amid the persistent threat of cyber fraud and data breaches in the technology-driven banking landscape.