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Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry, is being seen as the top contender for the post of Deputy Governor, Reserve Bank of India, in the wake of the vacancy created by the resignation of Viral Acharya.
Sources close to the development said Sanyal, who was previously the Global Strategist and MD at Deutsche Bank, could be appointed to the post, as it typically goes to an economist.
The other contender for the post is Michael Patra, Executive Director of the RBI, and a member of the Monetary Policy Committee.
Keen to fill seat
The Finance Ministry has already invited applications for the post, which will have a three-year term along with the possibility of re-appointment. The government is understood to be keen to complete the process in the next three months.
The notice also said 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 FSRASC can also recommend relaxation in the eligibility and qualifications/experience criteria, with respect to outstanding candidates.
Acharya’s stint in RBI came to an end last month, and since July 24, his portfolio of the monetary policy department — including forecasting and modelling unit — have been re-distributed. RBI Deputy Governor BP Kanungo has been given the portfolio and he will also be the sixth member of RBI’s Monetary Policy Committee. The committee is slated to meet between August 5-7, and officials and experts believe that the views of the committee are likely to be more aligned this time.
“The lack of an economist as a Deputy Governor is unlikely to hamper the meeting of the MPC, as Patra will be there and (he) represents the views of the department. There are three other external members as well,” said a former RBI official.
Along with RBI Governor Shaktikanta Das, the two present Deputy Governors are NS Vishwanathan and MK Jain. The RBI gave a one-year extension to Vishwanathan last month.
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