RBI board: HeroInvest Corp's Sunil Kant Munjal and TCS' S Ramadorai in fray

NEW DELHI: The finance ministry has identified around 10 chief executives and academicians for appointment as non-official or independent directors on the Reserve Bank of India board.

Sources said that at least five candidates are from India Inc, including HeroInvest Corp director Sunil Kant Munjal, former TCS vice-chairman S Ramadorai, TCS CFO S Mahalingam, Nasscom president R Chandrasekhar and Omidyar Network India MD Roopa Kudva. The panel is currently dominated by IT industry leaders and, at best, either Ramadorai or Mahalingam would be selected.

Among the academicians, the government is looking at IIM Ahmedabad professor J R Verma, who was earlier a part-time member on the Sebi board, and IIT Mumbai's Deepak Pathak. Eminent lawyer Behram Navroz Vakil is another shortlisted candidate for one of the board positions that fell vacant.

Apart from the governor and four deputy governors, the 17-member RBI board comprises two government nominees and 10 non-official d 10 non-official members. The four-year term of as many as six directors has ended, prompting the government to scout for re placements.

Sources also said that some of the former members may be reappointed but a final decision is still to be taken. In addition, deputy governor Urjit Patel's tenure will come to an end in a few months and the government is yet to decide if he would be reappointed or a replacement has to be found.