Informist, Monday, Nov. 4, 2024

NEW DELHI – Indian authorities have started their search for a new deputy governor of the Reserve Bank of India, with applicaons invited for the same by Nov. 30. A newspaper advertisement Monday said the appointment would be for a period of three years, with the possibility of a reappointment on the table.

Quoting multiple sources, Informist had exclusively reported on Oct. 14 that the government had prepared the advertisement as it begins to look for a new deputy governor, with Deputy Governor Michael Patra's term ending in mid-January. The Indian central bank currently has four deputies to Governor Shaktikanta Das – Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan J. The government had given Patra, first named deputy governor in January 2020, a second extension of one year in January this year.

M. Rajeshwar Rao was reappointed deputy governor for another year in October. Like Patra, Rao too was given a one-year extension in October 2023 after completing three years as a central bank deputy. In April, T. Rabi Sankar--originally named deputy governor in May 2021--also got a one-year extension. Swaminathan began his three-year term only in June 2023.

Patra, the deputy governor in charge of the monetary policy department, has been one of the three representatives of the RBI on the Monetary Policy Committee ever since the rate-setting panel came into being in October 2016. Before his elevation to the post of deputy governor, Patra was a member of the committee as an officer of the central bank nominated by its Central Board of Directors.

A new deputy governor in charge of the monetary policy department would mean another change in the composition of the MPC, with the committee recently getting three new external members after the four-year terms of Ashima Goyal, Shashanka Bhide, and Jayanth Varma ended last month. Further, Governor Shaktikanta Das' second three-year term is also set to end on Dec. 9, with no word yet about a reappointment or extension.

According to Monday's newspaper advertisement, those interested in applying for the post of RBI deputy governor should not be more than 60 years old as on Jan. 15 next year and should have at least 25 years of experience in public administration or in an Indian or international public financial institution. Persons of "exceptional merit and track record at the national or international level" may also apply. End

Reported by Siddharth Upasani

Edited by Avishek Dutta

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