Usha Thorat takes over as RBI Deputy Governor

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Our Bureau

Mumbai, Nov. 10

MS Usha Thorat took over as Deputy Governor of the Reserve Bank of India on Thursday.

Ms Thorat, who has been Executive Director of RBI since April 2004, is the fourth

Deputy Governor in RBI now. Her appointment is for five years.

She will be in charge of Department of currency management, Deposit Insurance and Credit Guarantee Corporation, inspection department, premises department, rural planning and credit department and urban banks department.

The post of Deputy Governor fell vacant following the retirement of Ms K.J.Udeshi as Deputy Governor. Other three DGs are Mr V. Leeladhar, Mr Rakesh Mohan and Shyamala Gopinath.

Born on February 20, 1950, Ms Thorat received her masters degree in economics from Delhi School of Economics.

Ms Thorat, who joined the Reserve Bank in April 1972, has vast experience in cash and debt management of central and state governments, government securities market development and regulation, financial markets, forex reserve management, foreign exchange management, banking regulation and supervision and payment and settlement systems. She was a member of faculty at Reserve Bank Staff College and has also served in the RBI's Guwahati Office.

She has been on the boards of Bank of Baroda, Indian Overseas Bank and the Securities Trading Corporation of India. Ms Thorat was on several committees of RBI, including Group on Instruments of Sterilisation, Group of State Finance Secretaries on Fiscal Risk of Guarantees, Group on Ways and Means Advances to State Governments and Committee on Capital Account Convertibility.

She is currently member of the Committee on Global Financial Systems of the Bank for International Settlements and also served as a member of the International Task Force on Security Settlement Systems.

(This article was published in the Business Line print edition dated November 11, 2005)
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