Mumbai : The Reserve Bank of India is firming up plans for a major organisational recast. Five verticals are to be created, each headed by a deputy governor or an official holding an equivalent rank, sources said.

Currently, the RBI has four verticals, each headed y a deputy governor. As the RBI Act does not have space for five deputy governors, the RBI may use the ‘officer on special duty’ position to have the best candidate possible for the job to helm the vertical for internal administration.

Since the RBI Act also prevents a private sector banker from holding a deputy governor position, the central bank may use the position of officer on special duty to bring in former ICICI Bank executive Nachiket Mor to head the internal administration vertical.

While it is unclear if the RBI’s plans have the approval of the government, Governor Raghuram Rajan seems intent on streamlining the functioning of the central bank, and rid it of the reputation of being a monolith.

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