The Reserve Bank of India (RBI) has appointed Shri Suman Ray as Executive Director (ED) with effect from September 1, 2026, the central bank said in a statement.
Prior to the elevation, Ray was serving as Regional Director for Maharashtra. He was among five senior officers, along with Gunveer Singh, Monisha Chakraborty, Sudhakar Malli and Ravi Shankar, who were promoted to the rank of executive director by the RBI earlier this year.
A career central banker, Ray has over three decades of experience at the RBI, having worked across several areas including currency management, financial inclusion, payment and settlement systems, consumer education and protection, and human resources, according to the central bank.
He has also served as Secretary to the Western Area Local Board, one of RBI's four regional advisory boards that assist the central board on local matters.
As Executive Director, Ray will oversee the Department of Deposit Insurance and Credit Guarantee Corporation (DICGC) and the Premises Department, the RBI said.
The DICGC is a wholly owned subsidiary of the RBI that provides insurance cover on bank deposits, currently up to Rs 5 lakh per depositor per bank, and administers credit guarantee schemes.
The department Ray will now head plays a key role in overseeing this deposit insurance framework, which has come under sharper public focus in recent years following instances of bank failures and moratoriums.
RBI's executive directors are senior officials ranking just below the deputy governors and typically oversee two to three departments each, rotating portfolios periodically as part of the central bank's internal restructuring.
