02 Apr , 2021 By : Kanchan Joshi
Mumbai: BP Kanungo has stepped down from the post of the deputy governor of Reserve Bank of India after his term ended on 2 April, cutting short all expectations of an extension of his tenure.
As deputy governor, Kanungo was in charge of the department of currency management, payment and settlement, foreign exchange, among others. He was appointed deputy governor in 2017 for three years. His term was extended by one more 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. RBI is also in the midst of coming out with several regulations around payment and fintech.
Last month, the government had also cancelled the interviews for the appointment process of DG, which triggered expectation of a possible extension to Kanungo.
Kanungo, a career central banker, joined the Reserve Bank of India in September 1982. He has worked in several functional areas of the banks such as foreign exchange management, banking & non-banking Supervision, currency management, government and bank accounts and public debt.
Besides Kanungo, the other deputy governors of the RBI are Rajeshwar Rao, M.K. Jain and Michael Patra.
RBI Governor Shaktikanta Das’ term will also come up for renewal this year. Das was appointed in December 2018 for three years after the surprise resignation of Urjit Patel nine months before his term ended, allegedly over differences with the government.
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