Poonam Gupta- New Deputy Governor of RBI

Why in news?

• The Government of India has appointed renowned economist Dr. Poonam Gupta as the new Deputy Governor of the Reserve Bank of India (RBI).
• She took over the post on April 1, 2025 for a term of three years.
• She replaced Michael Patra.

Key Points:

• Dr. Gupta is the first woman in the last 14 years to be entrusted with this important responsibility.
• In the 90-year history of RBI, only three women have been appointed as Deputy Governor so far:
  • K.J. Udeshi (2003-2005)
  • Shyamala Gopinath (2004-2009)
  • Usha Thorat (2005-2010)
• Dr. Gupta is the fourth woman to hold this post.
  • She will be the first woman to head the monetary policy and economic and policy research departments of the RBI.

Introduction of Dr. Poonam Gupta

• Currently she is the Director General of the National Council of Applied Economic Research (NCAER).
• Also:
  • She is a member of the Economic Advisory Council to the Prime Minister.
  • She is also the Convenor of the Advisory Council of the 16th Finance Commission.

Reserve Bank of India (RBI):

• It is the central bank of India, established on 1 April 1935.
• Its main objectives:
  • To control the monetary policy of the country
  • To control inflation
  • To maintain financial stability
• Its main functions:
  • To monitor Indian banks
  • To manage the Indian currency (rupee)
  • To determine the interest rates for banks
  • This affects economic growth and inflation
  • To manage foreign exchange reserves
  • To manage government bonds
  • To maintain stability of the overall financial system of the country
  • To maintain stability in the banking system; etc.