RBI proposes COO post in rank of Dy Guv

The RBI  said its Board has approved HR restructuring by creating an additional post of Chief Operating Officer (COO) in the rank of Deputy Governor and will approach government for required legislative changes.

RBI is headed by a Governor and assisted by four Deputy Governor looking after different functions. The central bank now wants to create a post of COO and re-allocate work between the five of them.

The RBI said it has been deliberating on a broad Human Resources (HR) restructuring exercise to align organisational resources and structures with the needs of the domestic economy and changes in the external environment.

The restructuring proposals and the grouping of departments into five functional clusters have been widely discussed at various levels in the RBI. “One of the proposals envisaged the creation of an additional position of a COO of the rank of Deputy Governor to head one of the five functional clusters. The proposals were discussed in the Reserve Bank’s Board meeting. The Board approved the broad contours of the proposals,” RBI said in a statement.The Board advised the RBI to operationalise the restructuring and asked it to “initiate a dialogue with the government on the additional post of Deputy Governor and the legislative changes that will be needed.”

Smoothen trading

RBI is in the process of discussing with various players to see what best can be done to smoothen trading by foreign investors.

RBI Deputy Governor H R Khan said that the RBI is also discussing Euro Clearing, which is the world's largest securities settlement system. RBI had allowed for three government securities up to $30 billion, Khan said: "We had $20 billion for general and 10 billion for long-term investors. Now $5 billion has been added to general to make it $25 billion."

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