Business Today
Loading...

Cabinet Secretary-led panel to select new RBI deputy governor on August 7

The panel will interview shortlisted candidates on August 7; the selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval

twitter-logoPTI | July 26, 2020 | Updated 19:40 IST
Cabinet Secretary-led panel to select new RBI deputy governor on August 7

A search panel headed by the cabinet secretary is scheduled to interview shortlisted candidates on August 7 for the post of RBI deputy governor, sources said.

As per the earlier schedule, the interview was to take place on July 23 but was deferred due to some reasons.

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, 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.

ALSO READ: No need to privatise state-run banks, govt can reduce stake to 26%: RBI board member

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.

ALSO READ: Raise, conserve capital to tide over COVID uncertainties, former RBI deputy governor tells banks

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close