Govt invites applications for RBI deputy governor's post, last date Nov 30

One of the deputy governors, Michael Patra's term ends on Jan 15

The government has invited applications for the post of deputy governor of the Reserve Bank of India (RBI) from interested candidates with at least 25 years of experience and below 60 years of age as on January 15, 2025.

 

One of the deputy governors, Michael Patra’s current term will end on 15 January. The last date of submission of applications is November 30, 2024.

 

According to the advertisement, candidates should have at least 25 years of work experience in Public Administration, including experience at the level of secretary or equivalent in the Government of India, or persons who have at least 25 years of work experience in an Indian or International Public Financial Institutions; or persons of exceptional merit and track record at the national or international level in the relevant field.

 

It has been clarified that the Financial Sector Regulatory Appointments Search Committee (FSRASC) – a body which will select the candidates – is free to identify and recommend any other person also, based on merit, who has not applied for the post.

 

“The committee may also recommend relaxation in the eligibility and qualifications/experience criteria, in respect of outstanding candidates,” the advertisement stated.

 

Patra, who is a member of the monetary policy committee (MPC), was first appointed as deputy governor in January 2020 for three years. He is the deputy governor in-charge of the monetary policy department, among others. Last year, the government extended his term by another one year.

 

RBI has four deputy governors, of which two are promoted from within the central bank. Among the other two, one is a commercial banker, and the other is an economist.

 

Patra – an economist – is a career central banker since 1985, and has worked in various positions in the RBI. Before becoming the deputy governor, Patra was executive director of the RBI, in charge of the MPC, among others.

 

Patra is the only member of the MPC who has been on the rate-setting panel since its inception in 2016. He was also the member secretary of the Urjit Patel committee which recommended inflation targeting framework and setting up of the six-member MPC.

 

The other three deputy governors are M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J.

 

Rao got his second one-year extension recently and his current term comes to an end in October 2025. Sankar’s initial three-year term came to an end in May 2024, following which he was given a one-year extension. Swaminathan was appointed deputy governor in June 2023 and is currently serving his first three-year term.

 

RBI Governor Shaktikanta Das' second three-year term is set to end next month. He was initially appointed governor for a period of three years in December 2018.