More bankers may join race for RBI post

In a bid to broad base the selection process for the appointment of the fourth deputy governor of Reserve Bank of India, the selection committee headed by the Governor D Subbarao is all set to meet more bank’s chiefs before finalising the candidates.

According to sources in the finance ministry, the committee that met yesterday, has decided to meet some of the leading bankers early next week. This will be in addition to the three candidates interviewed yesterday. Those interviewed included Bank of India Chairman and Managing Director T S Narayanasami, IDBI Bank Chairman and Managing Director Yogesh Agarwal and Canara Bank Chairman and Managing Director A C Mahajan.

Sources said that the committee is expected to meet State Bank of India Chairman O P Bhatt, Punjab National Bank Chairman and Managing Director K C Chakrabarty, Bank of Baroda Chairman and Managing Director M D Mallya and Union Bank of India chief M V Nair.

The panel shortlisted those bank chairmen who have headed an entity for at least two years and were less than 60 years of age when the vacancy arose. The post is lying vacant as V Leeladhar has retired in December 2008.

The committee includes the RBI Governor, Finance Secretary Arun Ramanathan, former SBI chairman Janki Ballabh and former deputy governor of RBI Vepa Kamesan.

The committee had earlier shortlisted seven candidates, including those it proposes to meet now, but only the three who were interviewed gave their consent for the job. Since some the candidates have more than three years to retire, they were keen to continue in their current position, the sources added.

The committee will submit a panel of names to the appointments committee of cabinet, headed by Prime Minister Manmohan Singh. The government is keen on completing the process by the end of the month so that the appointment can be made before the Lok Sabha elections are announced.

This is the first time that the government has appointed a selection committee for the key post at RBI. It follows a suggestion from the High Court.