MK Jain’s extended tenure is coming to an end in June, thus the finance ministry has started the process to nominate a new Reserve Bank deputy governor in his stead.
A public announcement stating that applicants from the private sector would also be taken into consideration for the position said that the applicant should have a minimum of 15 years of experience in banking and financial market operations.
One of the four deputy governors often comes from the banking sector of the public sector. The Reserve Bank of India would experience a first if the government chose to nominate a member from the private sector.
Senior public sector banker Jain was named deputy governor in 2018 for a term that was later extended by an additional two years in 2021.
The central bank has four deputy governors: one economist to oversee monetary policy, one commercial banker, and two from inside the ranks, totaling four.
It should be emphasised that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to find and suggest any other individual who qualifies for the position but has not applied. In order to accommodate exceptional individuals, the committee may also suggest easing the eligibility and experience/qualification requirements, according to the announcement.
The announcement states that candidates must have substantial experience serving as a full-time director or board member and have a very senior level expertise of supervision and compliance in the financial industry.
Further specified as requirements for submitting an application are good competences dealing with financial performance data, including understanding, summarising, and delivering high-level output as well as strong and clear communication skills on issues of public policy.
According to the announcement, applicants for the job must be under 60 as of June 22, 2023, and the deadline for submission of applications is April 10.
The individual will hold the position for three years and be eligible for re-appointment. The position would have a monthly salary of Rs. 2.25 lakh (Level-17).
