Cabinet Secretary-led Panel to Select Candidate for RBI Deputy Governor Tomorrow

Besides the cabinet secretary, other members of FSRASC include the RBI governor, financial services secretary and two independent members. This vacancy of the 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.

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 — BP Kanungo, MK 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.