The Reserve Bank of India (RBI) has appointed three new executive directors (EDs) to fill up the posts that were vacated earlier.
N S Vishwanathan, who was a principal chief general manager looking after the department of non-banking supervision and the senior-most among the 14 candidates who were interviewed, has been promoted to the post of ED. The other two EDs are Chandan Sinha, principal chief general manager of banking operations & development and U S Paliwal, principal chief general manager of human resources.
The central bank has nine executive directors, and one of them — S Karuppasamy — retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor. Also, G Gopalakrishna, one of the executive directors will now become the director of Centre for Advanced Financial Research and Learning (Cafral). Cafral is a research institution promoted by RBI.
Separately, the central bank has also re-allocated the departments of the deputy governors following the retirement of K C Chakrabarty. Among others, one of the deputy governors, H R Khan, has been made the in-charge of banking supervision.
The process to find Chakrabarty’s successor is on and the government has interviewed nine chief executives of various public-sector banks. According to sources, S S Mundra, chairman and managing director of Bank of Baroda, is tipped to become the next deputy governor.
Traditionally, among the four deputy governors, two are promoted from within the ranks of RBI while one is an economist and the fourth one is a commercial banker. Apart from Chakrabarty – who was a commercial banker — the other deputy governors are H R Khan and Urjit Patel.
A deputy governor can be appointed for up to five years or till the age of 62, while a candidate has to be below 60 years to become eligible for the post. However, there are instances when the criteria were relaxed.