Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Duvvuri Subbarao, governor of the Reserve Bank of India speaks during an interview with Reuters at a hotel in Mexico City November 5, 2012. REUTERS/Henry Romero/Files

Duvvuri Subbarao, governor of the Reserve Bank of India speaks during an interview with Reuters at a hotel in Mexico City November 5, 2012.

Credit: Reuters/Henry Romero/Files

MUMBAI | Tue Jan 1, 2013 7:01pm IST

MUMBAI (Reuters) - The Reserve Bank of India said on Tuesday the monetary policy department will directly report to Governor Duvvuri Subbarao till further orders, with Subir Gokarn's term as a deputy governor coming to a close.

The departments of economic and policy research and statistics and information management will also report to the governor, the central bank said in a statement.

Gokarn's three-year term was supposed to end on November 24, but was extended to December 31. He was in charge of the monetary policy department among others, and also represented the RBI at the G-20 Deputies' forum.

(Reporting by Shamik Paul; Editing by Sunil Nair)
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