The Reserve Bank of India appointed Suman Ray as Executive Director with immediate effect on 1 September 2026. He was serving as Regional Director for Maharashtra before his elevation to the central office.
Reserve Bank of India
The Reserve Bank of India was established on 1 April 1935 under the Reserve Bank of India Act, 1934. It is India’s central bank and regulates monetary policy, currency management, banking supervision, and payment systems.
Role of Executive Director in RBI
An Executive Director in the Reserve Bank of India is a senior officer who heads designated departments at the central office. Such officers are drawn from the RBI’s career cadre and handle administrative, regulatory, and operational functions.
Departments Under Suman Ray
Suman Ray will oversee the Premises Department and the Department of Deposit Insurance and Credit Guarantee Corporation. The Premises Department manages acquisition, maintenance, and physical infrastructure for RBI office and residential properties.
The Deposit Insurance and Credit Guarantee Corporation, commonly known as DICGC, provides deposit insurance cover up to ₹5 lakh per depositor per bank in India. DICGC was established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
Important Facts for Exams
- The Reserve Bank of India functions as the central bank of India.
- The Reserve Bank of India Act, 1934, provides the legal basis for the RBI.
- DICGC insures bank deposits up to ₹5 lakh per depositor per bank.
- The Western Area Local Board is one of the RBI’s regional advisory boards.
Career Profile of Suman Ray
Suman Ray is a career central banker with more than three decades of service in the Reserve Bank of India. His experience includes currency management, financial inclusion, payment and settlement systems, consumer protection, and human resources.
Regional and Advisory Functions in RBI
The Reserve Bank of India has regional offices and regional advisory boards for administrative coordination across the country. The Western Area Local Board is linked to the RBI’s regional advisory structure and supports consultation on regional matters.
