The Reserve Bank of India (RBI) has hired a former Nomura algorithmic trader, officials said, taking a rare step to recruit externally as it seeks expertise needed to make India's financial markets deeper and more responsive to monetary policy moves.
Since taking the helm in late 2013, RBI Governor Raghuram Rajan has set out to bring fresh ideas to the conservative institution and has eyed recruiting more specialists from outside, but they have been few and far between.
In late 2014, Rajan, who has lamented a dearth of capable economists in India, brought in former IMF economist Prachi Mishra to bolster economic research.
Senior officers at the central bank typically rise through the ranks having joined at a junior level. Some are seconded to foreign central banks to gather more specialist experience.