Home Business RBI may soon announce its Deputy Governor

RBI may soon announce its Deputy Governor

There are eight candidates in the race for the post of Deputy Governor of Reserve Bank of India. According to information received from the sources, the search committee headed by the cabinet secretary will interview these candidates on July 23.

In fact, the most senior deputy governor of the central bank, NS Viswanathan, stepped down on March 31, three months before his extended tenure due to health reasons. He remained associated with RBI for nearly 39 years.

As per the sources, the Financial Sector Regulatory Appointments Committee (FSRASC) has shortlisted the names of eight candidates for the post. These people will be interviewed through video conference on 23 July.

Sources said that after the interview, the name of the selected candidate will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval. The FSRASC consists of Cabinet Secretary, Reserve Bank Governor, Financial Services Secretary and two independent members.

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According to the Reserve Bank Act, the central bank consists of four deputy governors. Of these, two are from inside the central bank, one is a commercial banker and one is an economist and then head of the monetary policy department.

Currently, the Reserve Bank has three deputy governors – BP Kanungo, MK Jain and Michael Devvrat Patra. Earlier this year, the government has extended the tenure of Kanungo for one year on 3 April 2020. The Lt. Governor is initially appointed for three years. He can also be reappointed. The deputy governor gets a fixed monthly salary and an allowance of Rs 2.25 lakh.

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