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RBI search panel hunts for next Deputy Governor; Michael Patra, Chetan Ghate likely candidates

BusinessToday.In     November 10, 2019

A search panel headed by the Cabinet Secretary Rajiv Gauba is said to have interviewed at least 10 candidates for the post of Reserve Bank of India's (RBI) deputy governor. The contenders' list comprises names such as RBI's Executive Director, Michael Patra and external Monetary Policy Committee (MPC) member Chetan Ghata.

The position of RBI's deputy governor fell vacant after Viral Acharya resigned six months before the scheduled end of his term. Acharya gave his resignation on June 23.

According to IANS, Patra and Ghate were among the economists who were interviewed by the Financial Sector Regulatory Appointment Search Committee (FSRASC) search panel.

Apart from the Cabinet Secretary, the search panel of FSRASC includes the RBI Governor, Financial Services Secretary and other independent members.

IAS officer Kshatrapati Shivaji is also said to be in the running for the RBI's deputy governor post. Shivaji has been the CEO of SIDBI and principal secretary in the Ministry of Finance and is currently India's executive director at the Asian Development Bank (ADB).

Arunish Chawla, who currently is working as a bureaucrat at the Indian Embassy's economic wing in Washington Manoj Govil, the principal finance secretary of Madhya Pradesh have possibly been interviewed for the post as well, the agency added.

The finance ministry, in September, received about 100 applications for the post but shortlisted about seven names who were called for the interview on November 7.

According to a public notice, the appointment of the RBI's Deputy governor will be for a period of three years and the person will be eligible for re-appointment.

At present, there are three RBI deputy governors - N S Vishwanathan, B P Kanungo and M K Jain.

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