Subbarao to handle monetary policy as Gokarn retires

Last Updated: Tue, Jan 01, 2013 14:40 hrs

Mumbai, Jan 1 (IANS) The Reserve Bank of India (RBI) Tuesday said the monetary policy department will directly report to Governor D. Subbaro till further orders as Subir Gokarn who was handling it retired from the position of deputy governor Monday.

The RBI said in a statement here that the portfolios of deputy governors have been reallocated as Subir Gokarn's term came to a close Dec 31, 2012.

"Department of Economic and Policy Research, Department of Statistics and Information Management and Monetary Policy Department will report directly to the Governor till further orders," the RBI said.

Gokarn's three-year term as the RBI deputy governor was supposed to end Nov 24. But his term was extended till Dec 31.

There were reports that Kalpana Kochhar, the World Bank's chief economist for South Asia, is being considered for the post of deputy governor.

Kochhar was earlier division head and senior advisor, Asia-Pacific, at the International Monetary Fund.

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