The extended term of Reserve Bank of India (RBI) deputy governor Subir Gokarn ended on Monday. The government, however, has not suggested any name for the post.
Among the names doing the rounds included Kalpana Kochhar, who recently joined the International Monetary Fund after serving as the chief economist for South Asia with the World Bank, and economist Urjit R Patel.
Though RBI is pushing for Gokarn, the government is not in favour of giving him another extension, people aware of the development said. The finance ministry had earlier extended Gokarn’s tenure till December 31, after his three-year term expired in November. Gokarn, in charge of the monetary policy department, was appointed in November 2009.
The government had appointed a selection committee, headed by RBI governor D Subbarao, to find Gokarn’s successor. Though Gokarn, 53, was eligible for appearing in the interview, the sources indicated he was not interested.
A deputy governor of RBI can be appointed for a period of five years or till the age of 62, whichever is earlier.
Gokarn had replaced Rakesh Mohan as deputy governor. Prior to joining the central bank, he was chief economist of Standard and Poor’s, Asia-Pacific. The central bank has four deputy governors, two of whom are selected from within the central bank’s ranks.
For the remaining two posts, a commercial banker and someone from the academic world are selected. Gokarn RBI term ends
The government did not come out with a name for the post of Reserve Bank of India deputy governor on Monday, though Subir Gokarn’s term expired. Among the names doing the rounds are Kalpana Kochhar, who recently joined back the International Monetary Fund after serving as the chief economist for South Asia with the World Bank, and economist Urjit R Patel. BS Reporter.
