The Reserve Bank of India on Monday appointed Gunveer Singh as Executive Director (ED), effective immediately. Prior to his elevation, Singh was serving as Chief General Manager-in-Charge of the Department of Payment and Settlement Systems at the central bank. 

In his new role as Executive Director, Singh will continue to oversee the Department of Payment and Settlement Systems, the RBI said in a statement. 

Singh brings over three decades of experience at the Reserve Bank, having worked across key areas including payment and settlement systems, banking and non-banking supervision, risk monitoring and government banking operations. 

He has also served as a payment systems expert at the Central Bank of Oman. 

A Chartered Accountant and Cost and Works Accountant by qualification, Singh’s appointment comes at a time when digital payments and financial infrastructure remain a major focus area for the RBI. 

Separately, the central bank on Monday said it has decided not to activate the countercyclical capital buffer (CCyB) framework for banks at this stage, saying current conditions do not warrant the move. 

Under the RBI’s prudential norms on capital adequacy for commercial banks, the CCyB framework is designed to strengthen the banking sector during periods of excessive credit growth and rising systemic risks. 

“Based on review and empirical analysis of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time,” the RBI said. 

The framework primarily uses the credit-to-GDP gap as the main indicator for assessing whether additional capital buffers are required, along with other supplementary indicators. 

The RBI said the objective of the CCyB mechanism is two-fold. First, it enables banks to build additional capital buffers during strong economic periods, which can later be used to support lending during downturns. Second, it aims to prevent indiscriminate lending and excessive credit expansion that could create broader financial stability risks. 

The countercyclical capital framework was introduced globally in the aftermath of the 2008 financial crisis following recommendations by the Group of Central Bank Governors and Heads of Supervision under the Basel Committee framework.