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90 applications received for RBI DG post: Finance Ministry

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Indicating a tough contest for the post of Deputy Governor for the Reserve Bank of India, the finance ministry has received around 90 applications.

This comes in the wake of completion of SS Mundra’s three-year term at end of this month.

Reportedly, some private bankers have also applied for the post as the position was open even to the private sector,  said a finance ministry official.

“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.

Futher, a number of managing directors of public sector banks who were fitting to the required criteria have applied as this position is reserved for a banker.

The RBI has four deputy governors – two from within the banks and one commercial banker and another an economist to head the monetary policy department.

The members Search Committee consists of  RBI governor, Financial Services secretary along with three independent members.

“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,” said an official communiqué by RBI.Independent members of the committee include Rajiv Kumar, senior fellow, Centre for Policy Research, Manoj Panda, director, Institute of Economic Growth and Bimal Patel, Director, CEPT.

“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.

As per the notification the last date for filing applications was June 21 and the age limit should not be exceeding 60 years as on July 31 2017.

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

 

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