The Reserve Bank of India (RBI) on Wednesday came out with a public notice inviting applications for the post of Deputy Governor. The RBI had come out with a notice on May 15, seeking applications for the post of a chief financial officer. While the RBI has four deputy governors, two of them are internal appointees. The third DG is typically a career public sector banker while the fourth is an economist who will handle the monetary policy.
Of the four Deputy Governors, SS Mundra, who was earlier Bank of Baroda CMD, is due for retirement in the next few months. The RBI, however, did not specify whether the applications are being sought for a replacement for Mundra who has been closely involved in the bad loan resolution process. The current practice is to select a senior public sector banker for the post.
The Department of Financial Services in the finance ministry will handle the selection process. The RBI has listed 15 years of experience in banking and financial market operations as a criteria for selection. The fixed salary for the deputy governor would be Rs 2.25 lakh and the appointment will be for a period of three years and the person will be eligible for re-appointment.