RBI invites applications for Deputy Governor’s post

Kanungo to complete term in April, may get an extension

Published - March 11, 2020 10:35 pm IST - Mumbai

The Reserve Bank of India (RBI) has invited applications from its Executive Directors for the Deputy Governor’s post as B.P. Kanungo, one of the four Deputy Governors, is scheduled to complete his three-year term in April.

There are 12 Executive Directors in the RBI at present. To be eligible for the Deputy Governor’s post, a candidate must be below 60 years.

RBI has four Deputy Governors, of which two are promoted from within the ranks of RBI. Mr. Kanungo’s replacement will come from the RBI. Of the other two, one is an economist and the other is a commercial banker. Mr. Kanungo took over as the Deputy Governor of RBI on April 3, 2017. He had a three-year term.

As Deputy Governor, he was looking after departments like currency management, payments and settlement, foreign exchange department, internal debt management, among others. Mr. Kanungo, a career central banker, joined the Reserve Bank of India in September 1982.

He has worked in several functional areas of the bank such as foreign exchange management, banking amd non-banking supervision, currency management, government and bank accounts and public debt.

Sources said while the RBI had started the process to find a successor for Mr. Kanungo, there was a possibility that he may be given an extension by the government. The Deputy Governors of RBI are appointed by the government. “He can get an extension though RBI had to start the process of finding a replacement,” said a source. Another Deputy Governor N.S. Viswanathan has requested for retirement on health grounds.

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