Hunt for Mundra's successor begins

May have a first DG from private sector

The government has set in motion the process to select a deputy governor (DG) at the Reserve Bank of India to succeed S S Mundra, who demits office at the end of July 2017. Mundra, who became deputy governor on July 31, 2014, is looking after portfolio of banking and non-banking supervision, human resource management, financial inclusion and co-ordination. 

According to an advertisement placed on the RBI website, candidates should have at least 15 years of experience in banking and financial market operations, with extensive experience as a full-time director or board member. The person should have an understanding, at a very senior level, of supervision and compliance in the financial sector.

The government said the individual should have an appreciation of the role of banks in large corporate lending, in an environment with strong bond markets.

The age of the candidate should not more than 60 years as on July 31, 2017. The age criteria might be relaxed in case of deserving candidates. 

The post carries a pay scale of Rs 2,25,000 (fixed). The appointment will be for three years and the person would be eligible for re-appointment, it added.