Mumbai, September 3 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 RBI typically rise through the ranks having joined at a junior level. Some are seconded to foreign central banks to gather more specialist experience. The new hire, Gangadhar Darbha, joined as a consultant at the start of this month, officials with direct knowledge said. Description for his job, given in an advertisement posted by RBI, said it carried responsibility for developing and improving derivatives markets and examining currency futures, interest rate futures and offshore non deliverable markets. “RBI strongly believes such new markets, new products will help in monetary policy transmission,” said one official. A second official hailed the benefits of hiring externally. “Product development requires exposure to and experience in the global market. Such external hires will help add value to the RBI,” the official said.