The Ministry of Finance has invited applications for the post of RBI Deputy Governor to replace Michael Debabrata Patra, whose extended term will expire on January 14, 2025.
This post of Deputy Governor of RBI is for Economist. The candidate will oversee the Monetary Policy Department and also be a member of the rate setting panel — the Monetary Policy Committee.
According to the eligibility criteria mentioned in the public announcement, applicants should have at least 25 years of professional experience in public administration including experience at the level of Secretary or its equivalent in the Government of India; or have at least 25 years of work experience in an Indian or international public financial institution.
Besides, it said, candidates should not be more than 60 years old as of January 15, 2025. The appointment is for three years, and the person is eligible for re-election. The post will have a monthly salary of Rs 2.25 lakh (Level-17).
The last date for submission of applications to the Department of Financial Services, Ministry of Finance, is November 30, 2024. The central bank has four deputy governors; an economist who will oversee the monetary policy department, one commercial bank, and two from within the ranks.
The notice said, “It may be noted that the Financial Sector Regulatory Appointments Committee (FSRASC) is free to identify and recommend any other person and, based on merit, who has not applied for the post.
“The committee may also recommend relaxation of eligibility and qualification/experience criteria, in respect of candidates.” The FSRASC is chaired by the Cabinet Secretary.
Other members of the committee include the Secretary of the Department of Financial Services, the RBI Governor and three external experts. Patra was first appointed as Deputy Governor in January 2020 for three years and was then extended for one year twice.
