Rakesh Mohan, the Deputy Governor of Reserve Bank of India would be moving to Stanford University in U.S., reported the media. His term as deputy governor was to end in January 2010. He will be leaving RBI on June 10 to join as Distinguished Consulting Professor at the Stanford Centre of International Development. His name was also reckoned last year for the job of RBI Governor.
Mohan had served as RBI deputy governor twice. His first term was from September 2002 to October 2004 after which, he was appointed as secretary in the Department of Economic Affairs. He was back at RBI in July 2, 2005.
Mohan is in-charge of monetary policy, financial markets and economic research and statistics. Recently, he was the chairman of the Committee on Financial Sector Assessment, which undertook a stress test of the Indian financial sector and prepared the roadmap for further strengthening of the sector. As is the norm, an economist will replace Mohan.
The Government has to replace Mohan and also appoint a replacement for V.Leeladhar, deputy governor of RBI. The RBI Governor D. Subbarao said that Mohan has been recognized internationally for his expertise in macroeconomic issues and brought honor to the RBI, while also adding that the apex bank would miss Mohan's counsel, expertise and frankness.
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