The Treasury Department has begun the process of appointing a new Reserve Bank deputy governor to replace MK Jain, whose extended term ends in June.
The candidate should have 15 years of experience in the banking and financial markets business, according to a public advertisement, according to which candidates from the private sector are also eligible for the appointment.
Traditionally, one of the four deputy governors comes from the public banking sector. If the government decides to appoint someone from the private sector, it would be a first for the Reserve Bank of India.
Mr Jain, a senior public sector banker, was appointed deputy governor in 2018, initially for three years and renewed for a further two years in 2021.
The central bank has four deputy governors – two from the ranks and a commercial banker and an economist who head the monetary policy department.
“It should be noted that the Committee for the Search for Regulatory Appointments in the Financial Sector [FSRASC] is free to identify and recommend other people who have not applied for the position. The committee may also recommend relaxing eligibility and qualification/experience criteria in relation to outstanding candidates,” the statement said.
According to the notice, applicants should have extensive experience as a full-time director or board member and have a very high understanding of oversight and compliance in the financial sector.
Strong competencies in handling financial performance data, including interpreting, summarizing and communicating results at a high level, as well as strong and clear communication skills on public policy matters are also listed as criteria for submitting an application.
The deadline for submitting applications for the position is April 10, and applicants for the position should be no older than 60, according to the June 22, 2023 notice.
The appointment is for three years, a reappointment is possible. The position will carry a salary scale of ₹2.25 lakh (Level-17) per month.