The seal of the Reserve Bank of India at a gate outside the RBI headquarters in Mumbai. file | Photo Credit: Reuters
The Finance Ministry has initiated the process to appoint a new Reserve Bank Deputy Governor in place of MK Jain, whose extended tenure ends in June.
A public notice said that the applicant should have 15 years of experience in banking and financial market operations, indicating that candidates from the private sector would also be considered for the appointment.
Traditionally, one out of four deputy governors is from the public sector banking industry. If the government decides to appoint someone from the private sector, it will be a first for the Reserve Bank of India.
Mr Jain, a senior public sector banker, was appointed deputy governor in 2018 for an initial period of three years and was extended for two more years in 2021.
The central bank has four deputy governors – two from within the ranks and a commercial banker and an economist who heads the monetary policy department.
“It may be noted that the Financial Sector Regulatory Appointments Search Committee [FSRASC] It is also free to identify and recommend any other person on the basis of merit who has not applied for the post. The committee may also recommend relaxation of eligibility and qualification/experience criteria in respect of outstanding candidates.
As per the notice, applicants should have extensive experience as a whole-time director or board member and should have an understanding of supervision and compliance in the financial sector at a very senior level.
Strong competencies working with financial performance data including interpreting, summarizing and communicating high-level outputs on public policy matters and strong and clear communication skills on public policy matters are also listed as criteria for sending applications.
As per the notice, the last date for submission of applications for the post is April 10 and the age of those applying for the post should not exceed 60 years as on June 22, 2023.
The appointment will be for three years and the person will be eligible for reappointment. The pay scale of this post will be ₹ 2.25 Lakh (Level-17) per month.