Finance ministry receives 37 applications for RBI DG post

The finance ministry has received about 37 fresh applications for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra completed his three-year term on July 31, 2017.

About 37 fresh applications were received and shortlisting of applications is being done, sources said.

Post that the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary will conduct interview, sources said.


Applications from managing director of various public sector banks, top official of private sector banks and some bureaucrats have been received, sources said.

Those who were shortlisted previously will also be considered for the interview, sources said.

Although interviews were conducted on July 29 last year, the government decided to start the process all over again in January this year.

As per the RBI Act, the central bank should have four deputy governors -- two from within the ranks, one commercial banker and one economist -- to head the monetary policy department.

According to the notice published on the ministry's website earlier this year, applicants should have at least 15 years of experience in banking and financial market operations.

Besides, applicants should have extensive experience as a full-time director or board member and possess understanding at a very senior level, of supervision and compliance in the financial sector, it had said.

The last date for sending application to the finance ministry was February 20.

The appointment will be made for a period of three years and the person will be eligible for reappointment, it had said.

The deputy governor will draw a fixed salary of Rs 2.25 lakh per month plus allowances, it had said.