BP Kanungo has stepped down from the post of the deputy governor of the Reserve Bank of India after his term ended on 2 April, cutting short all expectations of an extension of his tenure. He was appointed deputy governor in 2017 for three years. His term was extended by one more year in 2020. The other deputy governors of the RBI are Rajeshwar Rao, M.K. Jain and Michael Patra.