Narayanasami frontrunner to succeed Leeladhar

The finance ministry has initiated the process to find Reserve Bank of India (RBI) Deputy Governor V Leeladhar’s successor, and is likely to shortlist heads of six state-owned banks for the job, a senior finance ministry official said On Thursday.

As a norm, one of the four deputy governors of RBI is from the banking sector.

Currently, Leeladhar is the deputy governor from the banking industry and he will retire in December. Leeladhar was the chairman and managing director of Union Bank of India before he undertook the RBI job.

The three other deputy governors are Rakesh Mohan, Usha Thorat, and Shyamala Gopinath. According to a finance ministry source, Bank of India Chairman and Managing Director T S Narayanasami is the frontrunner to succeed Leeladhar.

Narayanasami has headed two other state-run banks — Indian Overseas Bank and Andhra Bank —before he took the mantle of Bank of India in 2007. “Narayanasami is the senior-most among the eligible candidates, with a very successful track record. There is no reason why he will not be the next deputy governor,” the finance ministry official said.

Narayanasami, 59, is likely to be appointed for three years or till he reaches 62, which ever is earlier.