Eight shortlisted for RBI deputy governor post; interview on July 23

By: |
July 12, 2020 1:57 PM

The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.

At present, the RBI has three deputy governors.At present, the RBI has three deputy governors.

A search panel headed by the cabinet secretary is scheduled to interview eight shortlisted candidates on July 23 for the post of RBI deputy governor, sources said.

The post had fallen vacant after senior-most deputy governor N S Vishwanathan demitted office three months ahead of his extended tenure on March 31 on health grounds after serving the monetary authority for 39 years.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference on July 23, the sources said.

The selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval, they added.

Besides the cabinet secretary, other members of FSRASC include the RBI Governor, financial services secretary and two independent members.

This vacancy of RBI deputy governor has been reserved for the central bank’s internal candidate, who would look after the key supervisory and regulatory functions at the Mint Road.

As per the RBI Act, the central bank should have four deputy governors — two from within the ranks, one commercial banker and another an economist to head the monetary policy department.

At present, the RBI has three deputy governors — B P Kanungo, M K Jain and Michael Debabrata Patra.

Earlier this year, the government extended Kanungo’s tenure by a year with effect from April 3, 2020.

Kanungo, whose term was to end on April 2, had taken charge as a deputy governor in April 2017.

The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Effective IP regime is foundational to achieving India’s goal of USD 1 trn digital economy: Nisha Desai Biswal
2RBI rate cut cycle seems to be over; projects positive growth for next two quarters
3‘Size of real estate market will reach $1 trillion by 2030’ | INTERVIEW