The Finance Ministry has invited applications for the post of RBI Deputy Governor in the place of Michael Debabrata Patra, whose extended term is coming to an end on January 14, 2025.

This position of RBI Deputy Governor is for economists. The selected candidate would look after the Monetary Policy Department and would also be a member of the rate setting panel - Monetary Policy Committee.

As per the eligibility criteria mentioned in the public announcement, applicants should have at least 25 years of work experience in Public Administration including experience at the level of Secretary or 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, the candidates should not be more than 60 years of age as on January 15, 2025.

The appointment is for a period of three years, and the individual is qualified for reappointment. The position will have a monthly salary of ₹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 to oversee the monetary policy department, one commercial banker, and two from within the ranks.

The notice said, "It may be noted that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to identify and recommend any other person also, based on merit, who has not applied for the post.

"The committee may also recommend relaxation in the eligibility and qualifications/experience criteria, in respect of outstanding candidates." FSRASC is headed by the Cabinet Secretary. The other members of the committee include the Secretary Department of Financial Services, RBI Governor and three outside experts.

Patra was first appointed as a Deputy Governor in January 2020 for a three-year term and was subsequently given one-year extensions twice.