Govt Invites Applications For RBI Deputy Governor Post

The government has issued an open call for candidates interested in the position of Deputy Governor at the Reserve Bank of India (RBI), targeting individuals with extensive experience in public administration or financial institutions. Applicants must have a minimum of 25 years’ experience and be below 60 years of age as of 15 January 2025.

The vacancy arises as the current term of Deputy Governor Michael Patra, a key member of the RBI’s Monetary Policy Committee (MPC), is set to conclude on 15 January. Appointed initially in January 2020 and reappointed for an additional year in 2023, Patra oversees the Monetary Policy Department and has been integral to the MPC since its establishment in 2016.

The application notice specifies that candidates should either hold experience at the secretary level or equivalent in Indian public administration or have substantial expertise in Indian or international public financial institutions. Individuals with an exceptional track record in the relevant fields at the national or international level are also encouraged to apply.

The Financial Sector Regulatory Appointments Search Committee (FSRASC), tasked with selecting candidates, has the authority to recommend any meritorious person who may not have formally applied, and may consider waivers for outstanding candidates.

Applications are open until 30 November 2024, and the selected candidate will join a team of four RBI deputy governors, including two promoted from within RBI, one commercial banker, and an economist. Patra, an economist and career central banker since 1985, previously served as Executive Director of the RBI, holding key roles in shaping India's inflation-targeting policy framework as part of the Urjit Patel Committee.