A public announcement was made stating that candidates from the private sector will also be taken into consideration for the position 
A public announcement was made stating that candidates from the private sector will also be taken into consideration for the position The finance ministry has started the process to replace MK Jain, whose extended tenure is coming to an end in June, with a new deputy governor of the Central Bank, as per the new agency PTI reports.
A public announcement was made stating that candidates from the private sector will also be taken into consideration for the position, also stated that the applicant should have a minimum of 15 years of experience in banking and financial market operations.
One of the four deputy governors typically comes from the public sector banking industry. The Reserve Bank of India would experience a first if the government chose to appoint a member from the private sector.
A senior public sector banker Jain was appointed as deputy governor in 2018 for a 3 years term that was later extended by an additional two years in 2021.
The central bank has four deputy governors; an economist to oversee the monetary policy department, one commercial banker, and two from within the ranks.
The notice said, “It may be noted that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to identify and recommend any other person also, based on merit, who has not applied for the post. The committee may also recommend relaxation in the eligibility and qualifications/experience criteria, in respect of outstanding candidates.”
The announcement states that candidates must have substantial experience serving as a full-time director or board member and have very senior-level expertise in supervision and compliance in the financial industry.
Further specified as requirements for submitting an application are strong competencies working with financial performance data, including interpreting, summarising and communicating high-level output, as well as strong and clear communication skills on matters of public policy.
According to the notice, the due deadline for submission of application for the position is April 10th, and those applying for the role should not surpass 60 years of age as of June 22, 2023.
The appointment is for a period of three years, and the individual is qualified for reappointment. The position will have a monthly salary of Rs. 2.25 lakh (Level-17).
(With PTI Inputs)
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