RBI Deputy Guv Kanungo steps down

As a deputy governor, Kanungo was in charge of the department of currency management, payment and settlement, and foreign exchange, among others.

Reserve Bank of India (RBI) deputy governor B.P. Kanungo stepped down on 2 April after completing his term, cutting short all expectations of an extension of his tenure.

Kanungo was appointed deputy governor in 2017 for three years. His term was extended by one year in 2020. (Reuters)

As a deputy governor, Kanungo was in charge of the department of currency management, payment and settlement, and foreign exchange, among others.

Kanungo was appointed deputy governor in 2017 for three years. His term was extended by one year in 2020.

Kanungo’s retirement comes at a time when the government is planning to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament. The RBI is also in the midst of coming out with several regulations around payment and fintech.

Last month the government cancelled interviews for the appointment of a deputy governor, which triggered expectation that Kanungo could be given an extension.

Kanungo, a career central banker, joined the RBI in September 1982. He has worked in several functional areas of the banks, including banking and non-banking supervision, government and bank accounts and public debt.

The term of RBI governor Shaktikanta Das will also come up for renewal this year. Das was appointed in December 2018 for three years after the surprise resignation of Urjit Patel.