Nine in the fray for RBI Deputy Governor’s post

May 8, 2018

Nine candidates, including two serving bureaucrats and three current Managing Directors of State-owned banks, are in the fray for the position of RBI Deputy Governor.

The position fell vacant after S.S. Mundra completed his term in July last year. A search panel — headed by the Cabinet Secretary — will hold interviews with the nine shortlisted candidates on May 10, sources said.

The search panel — the Financial Sector Regulatory Appointment Search Committee (FSRASC) — includes the RBI Governor; Financial Services Secretary, besides other independent members. Some of the bankers who have been shortlisted are SBI Managing Directors B Sriram and P. K. Gupta and IDBI Managing Director M.K. Jain.

There are two applicants from the private sector, including one from a rating agency, who have been shortlisted for the interview, sources said.

It may be recalled that the Government decided to start the process of interviews for the RBI Deputy Governor’s post all over again in January this year. The earlier interviews conducted on July 29 last year were not proceeded with by the Government. To be eligible to apply, an applicant this time round should have at least 15 years of experience in banking and financial market operations.

Besides, applicants should have extensive experience as a full-time director or board member and possess understanding at a very senior level of supervision and compliance in the financial sector, the Finance Ministry had stipulated.

The last date for submitting applications was February 20. As many as 40 applications were received by the Finance Ministry for the coveted post. The RBI Act stipulates that the central bank will have four deputy governors — two from within the ranks, one commercial banker and an economist to head the monetary policy department.

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