Indianmandarins has learnt that an official committee will interview candidates next month for the post of RBI Deputy Governor as the term of Urjit Patel, who is in charge of the most important monetary policy portfolio in addition to economic and policy research department, expires in January 2016. Patel, 52, was appointed for a three-year term by the previous administration and took charge in January 2013.
Two of the RBI’s Executive Directors, Michael D Patra and Deepak Mohanty, have been called for the interview, besides Patel, who is eligible for reappointment. Some other candidates may also be interviewed.
A central bank Deputy Governor can be appointed for a term with a maximum of five years or till the age of 62, whichever is earlier.
May it be recalled that Patra replaced Mohanty as Executive Director in-charge of monetary policy in October 2014 and also looks after economic policy and research and communications. Mohanty was handed oversight of the Financial Stability Unit and risk management during last year’s reshuffle, apart from the inspection department.
The RBI has provision for 12 Executive Directors, which was increased from nine following the appointment of three new officials in 2014.
The RBI has four deputy governors and typically two are from the outside, of which traditionally one is a commercial banker and the other an economist.