Letters: Act now

The government has done well in starting the process of selecting a new deputy governor (DG) of the Reserve Bank of India (RBI) to fill in the vacancy arising in June (“RBI to interview all 7 EDs for Dy guv job”, May 6). But the question is whether the authorities will be equally fast in making the appointment. Contrary to what the report says, the convention that started in the early 1980s is that, of the four posts of DGs, one each is for RBI, commercial banks, Indian Administrative Service and the profession of economics. When an IAS officer is the governor, as is the case at present, the quota for that service for DGs goes to RBI as an additional post.

My own hunch is that until the present governor’s extension in office or otherwise is decided, bureaucrats would like to delay the appointment of the DG. There are economists with powerful connections aspiring for the governor’s post. If an RBI official becomes a DG now and then an economist is appointed as governor later in the year, the IAS fraternity would have lost its opportunity. The proper course for the government is to take a decision now on the post of governor.

A Seshan, Mumbai

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