Mumbai, Jul 31 (PTI) Commercial banker Subhash Sheoratan Mundra has assumed office as the fourth deputy governor of the Reserve Bank today for a three-year term.
When contacted, Mundra, who led the country's second largest lender Bank of Baroda as chairman and managing director, confirmed the development, saying he has taken charge today. However, an official notification from the Reserve Bank or the government is awaited. Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end. He was to retire from BoB today following superannuation.
Mundra, 60, takes over as the fourth deputy governor of the central bank after Urjit Patel, HR Khan, and R Gandhi. Of the four deputy governors, one is hired from the banking sector, one an economist (Patel) and two from the RBI itself. Born in July 1954, Mundra has a Masters degree in commerce from the University of Pune, and is also a certified associate of the Indian Institute of Banking