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Executive Director Shri Radha Shyam Ratho

Executive Director

Shri Radha Shyam Ratho

Date of Appointment: Dec 11, 2020

The Reserve Bank of India has appointed Shri Radha Shyam Ratho as Executive Director (ED) with effect from December 11, 2020.

Prior to being promoted as ED, Shri Radha Shyam Ratho was Chief General Manager, Financial Markets Operations Department.

Shri Ratho has, over a span of about three decades, served in financial markets, external investment and operations, banking and other areas in the Reserve Bank. He has also served as Member of Faculty, Reserve Bank Staff College, Chennai.

As Executive Director, Shri Ratho looks after Foreign Exchange Department and Financial Markets Regulation Department.

Shri Ratho holds a Masters of Economics, Masters of Business Administration (MBA) and M.S. in Banking and Finance, besides having earned professional qualifications including Certified Associate of Indian Institute of Banking and Finance (CAIIB).

Contact Information_SHRI RADHA SHYAM RATHO

Contact Information

Reserve Bank of India
16th Floor, Central Office Building, Shahid Bhagat Singh Road,
Mumbai-400 001.
+91-22-22610689
edrsr[at]rbi[dot]org[dot]in

Departments under Executive Director Shri Radha Shyam Ratho

Foreign Exchange Department

Financial Markets Regulation Department

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List of Previous Executive Directors

Shri Aviral Jain

Tenure :

Oct 01, 2024 - Nov 28, 2025

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

Tenure :

Nov 01, 2019 - Oct 08, 2025

Dr. Rajiv Ranjan

Tenure :

May 02, 2022 - Sep 04, 2025

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

Tenure :

Oct 12, 2020 - Jun 30, 2025

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

Tenure :

Oct 03, 2023 - Feb 28, 2025

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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Speeches

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Minutes of Pre-Bid Meeting - Sale of Briquettes of Shredded Currency Notes and Unserviceable Wooden Scrap, Nagpur

Ajay Adule

Modified 3 Days ago.

Published on February , 13 2026

LISTEN

Minutes of Pre-Bid Meeting - Sale of Briquettes of Shredded Currency Notes and Unserviceable Wooden Scrap, Nagpur

CLOSED

Corrigendum

Pre-bid meeting for the captioned e-tender was arranged on February 11, 2026 at 04:00 PM in Issue Department, Mezzanine floor, RBI, Nagpur to clarify any queries raised by the prospective bidders.

However, the meeting was not attended by any of the prospective bidders.

2. The queries from the prospective bidders regarding the captioned tender submitted to our office through e-mail and clarifications for the same are given below for information of all prospective bidders:

Sr. No.	Query	Clarifications
1	Clarification on Computation of Experience Period The eligibility criteria stipulate a minimum of five (5) years’ experience in executing similar works during the last five years. We kindly seek clarification on whether this refers to continuous experience strictly within the immediate past five years, or whether cumulative experience aggregating to five years over a longer duration (for instance, over the last ten years) would also be considered acceptable, subject to submission of relevant supporting documentation.	We have issued a corrigendum in this regard. Experience of executing similar works prescribed in Section IV, Para 1.1 of tender document has been amended to refer to experience during last 3 years (i.e. counting from last day of month previous to the one in which applications are invited).
2	Participation by Relatively Newly Incorporated MSME Entities In light of the Government of India’s policy emphasis on encouraging MSME participation in public procurement, we request clarification on whether any relaxations or special provisions are available for relatively newly incorporated MSME entities that may not fully meet the stipulated five-year experience requirement.	It is clarified that all bidders, including those registered as MSMEs shall be required to comply with the eligibility and other conditions as prescribed in the tender document.
3	Combining Experience of Sister / Group Firms We request clarification on whether experience credentials of sister concerns or group companies operating in the same line of business may be considered collectively for meeting the minimum experience criteria, in line with provisions available in certain Government tenders that allow sharing of pre-qualification parameters among related entities. In the event that experience requirements must be met strictly at the individual bidding-entity level, we further request RBI to clarify whether participation through a Joint Venture, Consortium (with a Lead Member), or a Special Purpose Vehicle (SPV) is permissible, wherein one of the constituent or combined entities satisfies the prescribed experience criteria. If permitted, kindly specify the applicable conditions, including shareholding structure, lead member responsibilities, joint and several liability, and documentation requirements.	Tenderers may be guided by Section IV, Para 1.1 of Tender Document, which prescribes that the tenderer must be experienced, resourceful, financially sound and licensed entity (company/partnership/proprietary firm, etc). Through the eligibility criteria prescribed, it is pertinent to note that individual bidder competence and direct linkage to the scope of work is envisaged. Further, in terms of conditions prescribed in the tender document, eligibility will be decided at the stage of evaluation of Part-I i.e. Technical Bid and the decision of Reserve Bank of India, Nagpur in this regard will be final.
4	Eligibility of Firms with Prior RBI Briquette Activity but Recent Inactivity In cases where a firm has previously undertaken briquette disposal activities with RBI or similar institutions but has remained inactive for a certain period, we seek clarification on the process for re-establishing eligibility—specifically, whether submission of historical experience certificates would suffice for consideration.	We have issued a corrigendum in this regard. Experience of executing similar works prescribed in Section IV, Para 1.1 of tender document has been amended to refer to experience during last 3 years (i.e. counting from last day of month previous to the one in which applications are invited). Similar works have also been defined under Section IV, Para 1.1 of tender document.
5	Policy Changes Relating to End-Use of Shredded Currency Briquettes We understand that RBI currently permits utilisation of shredded currency briquettes by paper mills for recycling as well as for biomass briquettes. We request clarification on whether, in the event of any future change in this policy—such as restriction or discontinuation of recycling of shredded currency briquettes, or modification in permitted end-use—RBI would initiate a fresh tender process or provide existing contractors an opportunity to realign their operations in accordance with revised guidelines.	Any changes in future will be made in compliance with the terms and conditions mentioned in the tender document.
6	Safeguards Against Malpractices During Weighment We request clarification on the safeguards and control mechanisms deployed by RBI to ensure transparency and prevent fraudulent practices during the weighing of briquettes. Further, in the event that the selected bidder is found to be indulging in malpractices such as under-weighing, kindly clarify the corrective actions and penalties envisaged by the Bank.	With regards to control mechanism / safeguards pertaining to weighing of briquettes, tenderers may refer to Section V under Scope of Work, para 4 of the Tender document. Prohibited practices have also been elaborated in para 2.8 under Section IV of the tender document. With regards to penalties, please refer to Section IV, para 2.17 in the tender document pertaining to provision for Disqualification/ Termination/ Penalty.

3. These minutes of pre-bid meeting shall form the part of bid document/Agreement. Rest of the terms and conditions and specifications of the bid document shall continue to remain same, subject to any corrigendum issued from time to time.

4. The submission of bid by the firm shall be construed to be in conformity to the tender document and amendments/ clarifications given above.

Regional Director
Reserve Bank of India, Nagpur