Cabinet Secretary-led panel to interview five candidates for RBI Deputy Governor’s post on June 1

The Reserve Bank of India seal on a gate outside the RBI headquarters in Mumbai. File
| Photo Credit: Reuters

The Cabinet Secretary-headed panel is scheduled to interview shortlisted candidates on June 1 for the post of RBI Deputy Governor, which falls vacant on June 21 after M.K. Jain completes his extended tenure.

This vacancy for the RBI Deputy Governor’s post has been reserved for a commercial banker.

According to sources, five candidates have been shortlisted, including a non-executive chairman of a public sector bank.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary would interview candidates in Delhi, 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.

Besides the Cabinet Secretary, other members of FSRASC include the RBI Governor, the Financial Services Secretary and two independent members.

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According to the RBI Act, 1934, the central bank should have four Deputy Governors — two from within the ranks, one commercial banker and an economist to head the monetary policy department.

Currently, the RBI has four Deputy Governors — M.K. Jain, Michael Debabrata Patra, M. Rajeshwar Rao and T. Rabi Sankar.

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 ₹2.25 lakh per month plus allowances.