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Post of RBI Deputy Governor: The Ministry of Finance has invited applications for the post of Deputy Governor of the Reserve Bank of India (RBI). The new deputy governor will replace Mahesh Kumar Jain, whose extended tenure ends in June.
According to a public notification, applicants should have at least 15 years of experience in banking and financial market operations. There are indications from this that candidates from the private sector will also be considered. Traditionally, one in four Deputy Governors is from the public sector banking industry.
Jain, a senior public sector bank official, was elected deputy governor for three years initially in 2018 and his tenure was extended for two more years in 2021. The Reserve Bank has four deputy governors, two in rank, a commercial bank officer and an economist who heads the monetary policy department.
“The Financial Sector Regulatory Appointment Search Committee (FSRASC) is free to identify and recommend any other person who has not applied for the post on the basis of merit,” the notification said.
The committee may also recommend relaxation of criteria based on merit and experience in case of outstanding candidates. According to the notice, applicants should have extensive experience as a full-time director or board member and have a very thorough understanding of supervision and compliance in the financial sector.
According to the notification, the last date to apply is April 10. Applicant’s age should not exceed 60 years as on June 22, 2023. If elected, the candidate will hold office for three years. On selection to this post, the monthly salary will be Rs.2.25 lakh (Level-17).
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