Finance ministry receives 90 applications for RBI deputy governor post | business-news | Hindustan Times
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Finance ministry receives 90 applications for RBI deputy governor post

RBI deputy governor S S Mundra’s three-year term comes to end in July.

business Updated: Jul 14, 2017 20:47 IST
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai.
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai.(Reuters File Photo)

The finance ministry has received around 90 applications for the post of RBI deputy governor as SS Mundra’s three-year term is coming to end this month, an official said on Friday.

Some private bankers have also applied for the post as the position was open to private sector, a finance ministry official who did not wish to be identified said.

About 90 applications are being scrutinised for the post of RBI deputy governor and the shortlisted name will be sent to Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary, the official said.

A number of managing directors of public sector banks who met the criteria have applied as this position is reserved for a banker.

The central bank has four deputy governors - two from within the ranks and one commercial banker and another an economist to head the monetary policy department.

The members Search Committee include RBI governor, Financial Services secretary and three independent members.

Independent members of the committee are Rajiv Kumar, senior fellow, Centre for Policy Research, Manoj Panda, director, Institute of Economic Growth and Bimal Patel, director, CEPT.

According to the notice put up on the RBI’s website, applicants should have extensive experience as a full-time director or board member and possess understanding, at a very senior level, of supervision and compliance in the financial sector.

Strong competencies working with financial performance data, including interpreting, summarising and communicating high-level output and strong and clear communication skills on matters of public policy are also listed as criteria for sending application, it said.

Last date for filing applications was June 21 and those applying for the post should not exceed 60 years of age as on July 31 2017.

The appointment will be made for a period of three years and the person will be eligible for re-appointment. The post will have a fixed salary of Rs 2.25 lakh per month plus allowances.