The RBI has reallocated departments among Deputy Governors, according to its website. While Gandhi will head the departments of currency management and other departments as before, SS Mundra will be in charge of the Department of Co-operative Banking Supervision (DCBS).
NS Vishwanathan will supervise the Department of Co-operative Banking Regulation (DCBR). Readers would recall Gandhi panel recommended conversion of urban cooperative banks.
It may be noted that the Reserve Bank of India (RBI) has submitted recommendations calling for conversion of banks doing the Rs 20,000 crore businesses into commercial ones.
Cooperators cutting party lines argued that cooperative and especially the Urban Coop Banks should be allowed to grow to their full potential and restrictions not be imposed on their aspirations. It was at this juncture Mr Gandhi came up with pernicious recommendations.