IST,
Executive Director
Smt. Usha Janakiraman
The Reserve Bank of India (RBI) has appointed Smt. Usha Janakiraman as Executive Director (ED) with effect from December 1, 2025.
Prior to being promoted as ED, Smt. Usha Janakiraman was serving as Chief General Manager-in-Charge, Department of Regulation, Central Office, Mumbai.
Smt. Usha Janakiraman has experience of over three decades in the Reserve Bank having worked in the areas of regulation, external investment and operations, banking supervision, public debt management, currency management and other areas in the Reserve Bank.
As Executive Director, Smt. Usha Janakiraman looks after the Department of Supervision (Risk, Analytics and Vulnerability Assessment).
Smt. Usha Janakiraman is a Chartered Accountant.
Contact Information
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Reserve Bank of India
Central Office Building, Shahid Bhagat Singh Road
Mumbai-400 001 -
+91-22-22664861
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eduj[at]rbi[dot]org[dot]in
Departments under Executive Director Smt. Usha Janakiraman
Listofpreviousexecutivedirectors
Shri Aviral Jain
The Reserve Bank of India (RBI) has appointed Shri Aviral Jain as Executive Director (ED) with effect from October 01, 2024.
Prior to being promoted as ED, Shri Jain was serving as Regional Director for Maharashtra.
Shri Jain has experience of more than three decades in areas of supervision, currency management, foreign exchange regulation and human resource management.
As Executive Director, Shri Jain looks after 1. Legal Department, 2. Premises Department.
Shri Jain is a post-graduate in economics. He also holds Certificates in AML / KYC and Capital Markets and is a Certified Associate of IIBF.
Shri S.C. Murmu
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Nov 01, 2019 - Oct 08, 2025
Dr. Rajiv Ranjan
The Reserve Bank of India (RBI) has appointed Dr. Rajiv Ranjan as Executive Director (ED) with effect from May 02, 2022.
Prior to being promoted as ED, Dr. Ranjan was serving as Adviser-in-Charge of Monetary Policy Department and Secretary to the Monetary Policy Committee.
Dr. Ranjan has an experience of more than three decades in macroeconomic policy and research including monetary policy, fiscal policy, real sector, external sector and international relations. He has worked in various departments of RBI including Monetary Policy Department, Department of Economic Policy and Research, Department of External Investments and Operations and International Department. He served as Economic Policy Expert in Central Bank of Oman for three years.
As Executive Director, Dr. Ranjan will look after the Monetary Policy Department (MPD).
Dr. Ranjan will also serve as an ex-officio member of the Monetary Policy Committee.
Dr. Ranjan has a Ph.D. in Economics from Mumbai University and holds a Masters degree in Economics from Delhi School of Economics.
Shri Jayant Kumar Dash
The Reserve Bank of India has appointed Shri Jayant Kumar Dash as Executive Director (ED) with effect from October 12, 2020.
Prior to being promoted as ED, Shri Jayant Kumar Dash was Chief General Manager-in-Charge of Department of Supervision, Central Office.
Shri Dash has, over a span of three decades, served in currency and debt management, deposit insurance and banking / non-banking supervision areas in the Reserve Bank.
As Executive Director, Shri Dash will look after Department of Regulation II.
Shri Dash holds a Master’s degree in Economics besides having earned professional qualifications in advance management, treasury management, fraud examination, data analytics, cyber law and tackling financial corruption.
Shri Muneesh Kapur
The Reserve Bank of India (RBI) has appointed Shri Muneesh Kapur as Executive Director (ED) with effect from October 3, 2023.
Prior to being promoted as ED, Shri Kapur was Adviser-in-Charge, Monetary Policy Department and Secretary to the Monetary Policy Committee.
Over a span of nearly three decades in the Reserve Bank, Shri Kapur has worked in the areas of macroeconomic policy and research and monetary policy in Department of Economic and Policy Research and Monetary Policy Department in RBI. He also served as Adviser to Executive Director, International Monetary Fund during 2012-15.
As Executive Director, Shri Kapur will look after the Department of Economic and Policy Research.
Shri Muneesh Kapur holds a Master’s degree in Economics and is a Certified Associate of the Indian Institute of Bankers (CAIIB).
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