Rakesh Mohan to step down as RBI deputy governor; take up assignment at Stanford
04 May 2009
Rakesh Mohan, deputy governor of the Reserve Bank of India (RBI), will step down on 10 June to take up a stint as a professor at Stanford University.
Rakesh Mohan has been offered an appointment as distinguished consulting professor at the Stanford Centre for International Development at Stanford University. He will take up this appointment from 15 June 2009 for a period of six months, an RBI release said.
Rakesh Mohan served as deputy governor of the Reserve Bank from 9 September 2002 to 31 October 2004, when he was appointed secretary, department of economic affairs of the ministry of finance. He was reappointed deputy governor of the RBI on 2 July 2005.
As deputy governor he is in charge of monetary policy, financial markets, economic research and statistics, secretary's department and communication.
Recently, he chaired/co-chaired three important committees of national and international importance. These included the committee on financial sector assessment, G-20 working group on enhancing sound regulation and strengthening transparency and the committee on the global financial system's (CGFS) report on capital flows and emerging market economies.
''Dr Rakesh Mohan served the Reserve Bank with dignity, distinction and with a deep sense of values. He is loved and respected in the RBI family both for his vast knowledge, competence and dedication as also for the human touch he brings to every issue. Rakesh has been recognised internationally for his expertise in macroeconomic issues and brought honour to RBI. Over the last several months, as I traversed a steep learning curve, I have grown to depend on him for advice and counsel. All of us in the RBI will miss Rakesh's counsel, expertise and his disarming candour. We wish him all the best,'' Reserve Bank governor D Subbarao, said.
