No age cap, fixed rules for RBI top job

Who can be an RBI governor?
Unlike the appointment of four deputy governors, there are no fixed rules. But most RBI governors have been civil servants (11), followed by economists (five). There has also been one banker, an insurance company executive and one RBI employee who have gone on to be the governor.

How are candidates selected?
In the past, candidates were shortlisted by the government, and the Prime Minister appointed the governor in consultation with the finance minister. On some occasions, some of the candidates we re called for an in formal interaction with the finance minister ( D Subbarao was appointed through this route) although the final decision was taken by the PM. Now, the government has tasked a committee headed by the Cabinet secretary to shortlist candidates and the final decision will be taken by PM Narendra Modi.

Is there an age cap or are some qualifications stipulated?
No, there is neither an age restriction nor qualifications are specified in the law. Governments have opted for those with understanding of overall economy , the financial sector as well as those familiar with the functioning of the government

What is the RBI governor' tenure?
The RBI Act allows the government to specify the term but the tenure cannot exceed five years, with a possibility of reappointment. In recent years, only S Venkitaramanan, who spent two years as RBI governor, has had a shorter stint than Raghuram Rajan.