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Government appoints two new RBI deputy governors

The government has appointed two new deputy governors for the Reserve Bank of India and has extended the term of Y V Reddy who was to step down in August.

"We have received notification from the finance ministry appointing Vepa Kamesam and G P Munniappan as deputy governors," a central bank spokeswoman said.

She said Reddy has got a two-year extension. The new deputy governors will start office next month.

Kamesam is currently managing director of the State Bank of India, India's largest commercial bank.

He will replace S P Talwar, a former commercial banker, who retires on June 30.

Munniappan, who recently retired as executive director of the RBI, will replace Jagdish Capoor who is to retire by June-end.

The central government appoints the RBI's top officials like the governor and three deputy governors.

While the governor has traditionally been an economist or a technocrat from outside the RBI, the three deputy governors have to be senior commercial bankers, a central banker and a civil servant.

Bimal Jalan is governor of the RBI.

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