RBI Monetary Policy Committee, Jayanth R Varma

RBI: Govt invites application for deputy governor's post

The Union Finance Ministry has initiated the process to appoint a new RBI deputy governor in place of MK Jain, whose extended term is coming to an end in June.

The applicant should have an experience of 15 years in banking and financial market operations, said a public notice, indicating that candidates from the private sector will also be considered for the appointment. Traditionally, one of the four deputy governors is from the public sector banking industry. If the government decides to appoint someone from the private sector, it would be a first for the RBI.

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Jain, a senior public sector banker, was appointed deputy governor for an initial period of three years in 2018 and extended by another two years in 2021. The central bank has four deputy governors – two from within the ranks and one commercial banker and an economist to head the monetary policy department.

“It may be noted that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to identify and recommend any other person also, based on merit, who has not applied for the post. The committee may also recommend relaxation in the eligibility and qualifications/experience criteria, in respect of outstanding candidates,” the notice said.

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

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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 an application.

The last date for submission of application for the position is April 10 and those applying for the post should not exceed 60 years of age as of June 22, 2023, according to the notice. The appointment will be made for three years and the person will be eligible for re-appointment. The post will carry a pay scale of Rs 2.25 lakh (Level-17) per month.

(With Agency inputs)

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