The government has started afresh the selection process for the appointment of RBI Deputy Governor, a position that fell vacant after completion of a three-year term of S S Mundra on July 31. Although an interview was conducted on July 29 for finding the suitable candidate, the government decided to have the process once again, sources said. The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary, had its meeting in this regard yesterday to select a suitable candidate to succeed Mundra. However, reasons for delay and fresh selection process could not know. According to the sources, bankers from both public and private sector banks meeting the eligibility criteria would be called for interaction by the high-level panel. The central bank has four deputy governors – two from within the ranks and one commercial banker and another an economist, to head the monetary policy department. The members of the search committee include RBI Governor, Financial Services Secretary and three independent members including Manoj Panda, director, Institute of Economic Growth; and Bimal Patel, director, CEPT.
According to the notice put up on RBI’s website, 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. Strong competencies working with financial performance data, including interpreting, summarising and communicating high—level output and strong and clear communication skills on matters of public policy, are also listed as criteria for the post, the notice said. The appointment will be made for a period of three years and the person will be eligible for re—appointment. The deputy governor will draw a fixed salary of Rs 2.25 lakh per month plus allowances.