For the post of Deputy Governor of Reserve Bank of India (RBI) that was filled earlier this year, the Central government received a total of 43 applications that spanned a wide range — from two secretaries of the Central government, banking head of a major law firm and an official working for International Monetary Fund (IMF) to a branch manager of a state-run bank and a manager of cable company.
Other than Krishnamurthy Subramanian — who was appointed as the Chief Economic Adviser on Friday — a number of other senior bureaucrats had applied for the Mint Road office. Neeraj Kumar Gupta, former secretary of Department of Investment and Public Asset Management; K P Krishnan, secretary of Ministry of Skill Development and Entrepreneurship; P V Ramesh, chairman and managing director of state-run Rural Electrification Corporation Limited; Yaduvendra Mathur, additional secretary of NITI Aayog had applied for the post of RBI Deputy Governor.
Senior corporate executives such as T V Sudhakar, senior executive vice president and head of compliance, Kotak Mahindra Bank; Govind Sankaranarayanan, the then chief operating officer of Tata Capital; Ashish Gupta, managing director and head of research, Credit Suisse; Kannan Rajarathnam, head, corporate performance management, Hinduja Group applied for the post of the Deputy Governor after applications were invited through advertisement in January this year.
Ultimately, on June 4 this year, out of 43 applicants, the central government chose M K Jain, managing director and chief executive officer, IDBI Bank, as the new Deputy Governor of RBI. This position was vacated by S S Mundra in July 31 last year. Other corporate executives who had applied for this post are Sanjay Gupta, head of model development and executive vice president at PNC Bank USA; Gaurav Gupta, chief executive officer of the India branch of Qatar National Bank SAQ; R Hariharan, vice president of ICICI Securities Primary Dealership.
Chaitanya Pande, president of Polymath Capital Advisors and Vipul Amul Desai, former president of Jayaswal Neco Industries Limited had also applied for this post. Sapan Gupta, partner and national practice head of banking and finance at the law firm Shardul Amarchand Mangaldas, applied for this post too.
K Sridhar, who works as a “manager-administrator” at Subash Wires and Cables Private Limited in Coimbatore, applied for this post. Moreover, Awadesh Kumar Sharma, who is president of a textile company Shri Krishna Spinning Mill in Burhanpur, had put in his application for the Mint Road office. Rahmat Ali, who works as a branch manager in SBI, had put in his application too.
P R Ravi Mohan, resident advisor of financial sector supervision section at IMF, as well as Anil Azhikodan Veettil, head of offsite supervision and large banks’ supervision at the Central Bank of the United Arab Emirates, applied for the post too. Apart from M K Jain, who was selected for this post, officials of other major state-run banks had put in their applications for this post: B Sriram, the then managing director of State Bank of India (SBI); Sunil Mehta, managing director and chief executive officer of Punjab National Bank (PNB); Praveen Kumar Gupta, managing director of SBI; Charan Singh, executive director of UCO Bank; Debashish Sarkar, chief general manager at SBI in Hyderabad; G S Iyer, ED at UCO Bank.