Economy

Harun Rashid Khan Appointed as RBI Deputy Governor

BeyondHeadlines News Desk

New Delhi: Harun Rashid Khan, a career central banker who worked with Thorat for years, has been appointed as the new deputy governor of the Reserve Bank of India (RBI). As the deputy governor he has been appointed for a period of three years.

Khan, who succeeds Shyamala Gopinath who retired last month, has superseded three executive directors and has been appointed for term of three years. In his new avatar, Khan would be in charge of external investment, internal debt management, foreign exchange and payments and settlement systems.

In a three-decade stint with the RBI, Khan has handled a wide range of assignments ranging across departments such as rural credit, currency management, banking supervision and regulation, debt management, reserve management, exchange control, personnel administration and internal accounts of the RBI. Prior to becoming executive director in 2007, he was principal of the College of Agricultural Banking , based in Pune. That stint provided Khan with an opportunity to mingle with RBI staffers across all cadres.

Khan has been a familiar face for treasurers and bond houses. Many others in the financial sector started noticing him after a report on rural credit and microfinance was unveiled. A committee headed by Khan had suggested measures to expand banking in rural India. Based on its recommendations, RBI expanded the list of business facilitators and business correspondence for achieving financial inclusion.

Those who have worked closely with Khan say he is mild but sharp. “He may not be as articulate as Usha Thorat and KC Chakrabarty, but if needed, he is able to send across a message,” said a senior RBI official.

However, a lot has changed since the time Thorat was in charge of debt management and now. The money and forex markets are now far more integrated with the overseas markets now than in the past. Also, there are newer products and currency exchanges coming up in the country which was not the case a few years ago. Mr Khan’s challenge will be to deal with growing inter-linkages not only between domestic and foreign markets, but also inter-linkages within different markets at home front.

Khan, going against the stereotype, happens to be a pure vegetarian. Some of his closest friends call him ‘vegetarian Khan.’

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