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Govt invites applications for the post of Deputy Governor of the RBI


The Ministry of Finance has initiated the process of appointing a new Reserve Bank deputy governor to replace MK Jain, whose extended term expires in June.

The applicant must have an experience of 15 years in banking and financial market transactions, according to a public notice, indicating that private sector candidates are also considered for the nomination.

Traditionally, one of the four vice governors comes from the public sector banking industry. If the government decides to appoint someone from the private sector, it would be a first for the Reserve Bank of India.

Jain, a senior public sector banker, was appointed deputy governor in 2018 for an initial three-year term and extended for another two years in 2021.

The central bank has four deputy governors – two from within the ranks and a commercial banker and an economist who 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 individual, including on merit, who has not applied for the position. The Committee may also allow eligibility easing and recommend qualifications/experience criteria, in relation to outstanding candidates,” the notice said.

According to the notice, applicants must have extensive experience as a full-time director or board member and have a very high level understanding of supervision and compliance in the financial industry.

Strong competencies for working with financial performance data, including interpreting, summarizing and communicating high-level output and strong and clear public policy communication skills, are also listed as criteria for sending an application.

The deadline for submitting applications for the position is April 10, and those applying for the position must be no older than 60 as of June 22, 2023, according to the notice.

The appointment is for three years and the person is eligible for reappointment. The position has a salary scale of 2.25 lakh (level 17) per month.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.