MUMBAI (TIP): Reserve Bank of India’s new deputy governor S S Mundra has been given charge of banking supervision, currency management, financial stability and July 30 notified his appointment for a period of three years. Prior to taking charge Mundra was chairman of Bank of Baroda, the country’s second large bank. He had begun his career as a probationary officer in Bank of Baroda in March 1977.
During a banking career he held various positions including heading the bank’s European operations (UK) before being elevated as Executive Director of Union Bank of India in September 2010 and further as Chairman of Bank of Baroda in January 2013. The position of deputy governor had fallen vacant in March after former deputy governor KC Chakrabarty put in his papers three months before his term ended. He played a key role in financial inclusion as head of the committee on financial inclusion set up by the Indian Banks’ Association (IBA) and also served as a member of several other important committees relating to the banking and financial sector constituted by the IBA and RBI, including the Nachiket Mor Committee on Comprehensive Financial Services (CCFS) for small businesses and lowincome households.
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