Govt is likely to appoint RBI Deputy Governor by month end

NEW DELHI: The government is likely to appoint a Deputy Governor of the RBI by this month end despite disruption in the selection process following the resignation of former Satyam Computer independent director M Rammohan Rao from the selection committee.

The government has appointed a Search Committee headed by RBI Governor D Subbarao to shortlist candidates for the post of Deputy Governor following superannuation of V Leeladhar last month.

Since Rao, who was an independent director on the board of Satyam Computer Services and Dean of the Indian School of Business, resigned from the committee, the government will have to find his replacement to allow the Search Committee to shortlist candidates.

Subsequently, the shortlisted names would be referred to the Appointments Committee of Cabinet (ACC) headed by Prime Minister Manmohan Singh.

The government, according to Finance Ministry officials, will soon appoint another member on the selection panel and recommend the name or names to the ACC for final approval.

The post of the deputy governor is expected to be filled by the end of this month, officials said.

The committee would interview candidates including Bank of India Chairman and Managing Director (CMD) T S Narayansami, Punjab National Bank CMD K C Chakrabarty, Union Bank of India CMD M V Nair and IDBI Bank CMD Yogesh Agrawal.

Narayansami is the senior most candidate followed by Chakrabarty, they said.

RBI has four Deputy Governors and one post fell vacant after Leeladhar completed his four-year term. He was in charge of banking operations and supervision.