Appointment committee looks for candidates for role of RBI deputy governor

The Financial Sector Regulatory Appointment Search Committee (FSRASC) is believed to have interviewed ten candidates for the role of Reserve Bank of India (RBI) Deputy Governor, vacated by Viral Acharya. Acharya was in charge of the monetary policy department in the RBI.

Acharya stepped down in June this year and stated that he would not be able to continue in his role beyond July 23. The position has been lying vacant since then.

According to a report in Times of India, the shortlisted candidates include professor at Indian Statistical Institute Chetan Ghate, Joint Secretary at Department of Expenditure Arunish Chawla, Principal Finance Secretary Manoj Govil, Executive Director at ADB Kshatrapati Shivaji, Principal Economic Adviser Sanjeev Sanyal, Additional Chief Secretary in Tamil Nadu TV Somanathan, RBI Executive Director Michael Patra, Economist at Goldman Sachs Prachi Mishra. The final call will be taken by the Prime Minister's Office.

The FSRASC is headed by the cabinet secretary. The committee includes RBI Governor Shaktikanta Das and financial services secretary. The FSRASC also has the authority to identify and recommend possible candidates even if they have not applied.

Currently, the RBI has three deputy governors - NS Vishwanathan, BP Kanungo and MK Jain.

Viral Acharya was the youngest deputy governor at the RBI. He quit before his term was scheduled to end in January. Acharya has returned to New York University Stern School of Business in time for the new academic term.

Viral Acharya was appointed as the RBI deputy governor by the government on January 23, 2017, for a three-year term. He had earlier expressed concern over the importance of RBI's independence in October 2018.

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