Finance Ministry has extended Reserve Bank of India's Deputy Governor, Subir Gokarn's three year term till 31st December. Gokarn's three year tenure as deputy governor of the banking and monetary regulator, RBI, is scheduled to come to an end on 23rd November.
Announcing the extension of Subir Gokarn's services, the Financial Services Secretary Mr. D. K. Mittal said that his extension has been announced as there should not be any vacancy. He further added that a search committee has been formed to decide whether Gokarn should be given another two year term or a new Deputy Governor has to be appointed.
According to the Reserve Bank of India Act of 1934, one governor and four deputy governors can be appointed. All the appointments have to be made by the Central Government. If possible, one Deputy Governor can be a prominent economist, and the present Deputy Governor, Subir Gokarn, falls in this category. Mr. K. C. Charabarty, Mr. Anand Sinha and Mr. H. R. Khan are the other three existing deputy governors of the central bank.