RBI dy guv Kanungo gets 1 year extension

Mumbai: The government has extended the lieutenant governor's term by one year, including when another lieutenant governor resigned three months before the end of his term. The RBI reassigned the portfolio managed by Vishwanathan among the other three lieutenant governors, Kanungo, M K Jain and M D Patra.

Jain will be in charge of regulation and supervision, which are now consolidated departments unlike in the past when they were divided into banking and non-banking entities. He will also be in charge of communications.

In a statement Tuesday, the RBI said Kanungo's re-election was for a period of one year from April 3, or until further orders.

Kanungo has under Vishwanathan in the RBI the Currency Management Department, the Investment and External Operations Department, the Government and Bank Accounts Department, the Information Technology Department and the Payments and Settlement Systems Department. Other departments are the Deposit Insurance and Credit Guarantee Corporation (DICGC), the currency exchange department, the internal debt management department, the legal department and the right to information departments.

Vishwanathan was re-elected for a year, but decided to resign early, according to sources, for health reasons. Vishwanathan was in charge of the important supervisory department, which had appeared in recent years due to the divergence in bad loans detected by the RBI and those published by banks. He served under three governors, and.