A career central banker, Kanungo earlier held the position of regional director at the Jaipur and Kolkata offices of the RBI. He has also served as the banking ombudsman for Madhya Pradesh and Chhattisgarh.
This is one of major change after the decision of demonetization took place in last November after which RBI was continuously under pressure. Recently govt refused to extend any further date for exchange of old currency after Supreme court issued notice to govt. on a plea which alleged that people are not being allowed to deposit demonetized currency till March 31st as promised.