Panel to select RBI dy guv has internal meeting

The committee comprises RBI governor, the Union govt's secretaries for financial services and personnel & training, and two experts from management institutes

The panel to select a new deputy governor for the Reserve Bank of India (RBI) met on Tuesday. A senior finance ministry official said it was to decide the process for selection and discussion with the candidates.

The committee comprises the RBI governor, the Union government's secretaries for financial services and personnel & training, and two experts from management institutes. It has to select someone from commercial banks, to succeed K C Chakrabarty, who came from the same route. The steps for selection had begun before Chakrabarty decided to resign; his term was to end in June. He chose to leave earlier for personal reasons.

The interaction with prospective candidates is expected to happen in the course of the week. The date is yet to be fixed, an official said. The Union government has decided to have five bankers, all from public sector lenders, interviewed for the job

They are K R Kamath, chairman and managing director (CMD) of Punjab National Bank; Vijayalakshmi Iyer, CMD of Bank of India; S S Mundra, CMD of Bank of Baroda; R K Dubey, CMD, Canara Bank; M Narendra, CMD, Indian Overseas Bank.

Kamath has been a CMD the longest among these five; he was head of Allahabad Bank from August 2008, before his present charge from October 2009 at the Delhi-based PNB. He is also chairman of the Indian Banks' Association.