Poonam Gupta has taken charge as the Reserve Bank of India’s newest Deputy Governor just as the institution’s policy plumbing was undergoing an active overhaul. This is no ceremonial baton-passing—it is a front-row handover in the midst of a rare and delicate reconstruction of the central bank’s liquidity framework.Tasked with both designing the policy and executing it in the markets, Gupta faces a steep learning curve at a time of exceptional consequence.