Cabinet Secretary Led Panel Interviews Eight Candidates for RBI Deputy Governor’s Post

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August 21, 2020

The Cabinet Secretary-headed panel on Friday interviewed eight candidates for the post of RBI deputy governor which fell vacant in March after N S Vishwanathan demitted office on health grounds, three months ahead of the end of his extended tenure. The Financial Sector Regulatory Appointment Search Committee (FSRASC) earlier had a preliminary meeting on August 7 with regard to selection of a successor for senior-most deputy governor Vishwanathan, sources had 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 RBI governor, financial services secretary and two independent members.

This vacancy for RBI deputy governor’s post has been reserved for the central bank’s internal candidate, who would look after key supervisory and regulatory functions at the Mint Road. According to the RBI Act, 1934, 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.

Currently, 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.

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Cabinet Secretary Led Panel Interviews Eight Candidates for RBI Deputy Governor’s Post

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