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BW Businessworld

Search Panel To Hold Interview For RBI DG On Apr 15

Financial Sector Regulatory Appointment Search Committee (FSRASC) will interview eligible candidates via video conference on April 15

Photo Credit :

1576514432_MuIdjx_Seal_of_the_Reserve_Bank_of_India.png

A search panel headed by the Cabinet Secretary is scheduled to interview eligible candidates on April 15 for the post of RBI deputy governor, according to sources.

The post fell vacant after senior-most deputy governor BP Kanungo demitted office after completion of his one-year extension on April 2.

Kanungo was in charge of currency management, payment and settlement, foreign exchange, external investments, internal debt management, among others.

Financial Sector Regulatory Appointment Search Committee (FSRASC) will interview eligible candidates via video conference on April 15, the sources said.

The selected names will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval, they added.

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 currency management, forex, payment and settlement 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 an economist to head the monetary policy department.

At present, the RBI has three deputy governors -- M K Jain, Michael Debabrata Patra and M Rajeshwar Rao.

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.

(PTI)