this story originally appeared in on aug 21 2014mumbai the government has clarified that the central banks proposal to appoint a chief operating officer in the rank of deputy governor cannot be cleared until the reserve bank of india act is amended an amendment to the act requires parliaments approval and will also mean a political decision on the same the clarification was given by financial services secretary gs sandhu while speaking on the sidelines of a realestate banking conclave in mumbai on wednesday it comes after rbi announced an internal restructuring plan the broad contours of which were cleared by its board the proposals included appointment of a chief operating officer coo to head one of the five clusters the bank has proposed in the new internal structure nachiket mor who headed an rbi committee on improved financial access to the poor was rumoured to be appointed as its coo the restructuring proposed is in line with the practices adopt ed by central banks globally in march the bank of england an nounced an orga nisational recast and creation of a coo post sandhu who also happens to be on the reserve bank of india board was reported to have said last week that the central bank is reorga nising internally after that if they after that if they think there is requirement of a coo they will send the proposal and the finance ministry will take a view