The selection committee set up to appoint the new Deputy Governor of the Reserve Bank of India (RBI) is set to meet the heads of more banks before confirming on the appointment.
On February 4th, the committee had met the chiefs of three banks including Bank of India Chairman and Managing Director T S Narayanasami, IDBI Bank Chairman and Managing Director Yogesh Agarwal and Canara Bank Chairman and Managing Director A C Mahajan for filling up the vacant post.
Industry sources that the selection committee had also invited State Bank of India Chairman O P Bhatt, Punjab National Bank Chairman and Managing Director K C Chakrabarty, Bank of Baroda Chairman and Managing Director M D Mallya and Union Bank of India chief M V Nair. However they informed that they were not keen on the post.
The panel short-listed seven candidates that included the chiefs of SBI, PNB, Bank of Baroda, Union bank of India, Bank of India, IDBI Bank and Canara Bank.
An official connected with the development said, "The search panel wanted to narrow down its choice from a wider pool of candidates and therefore invited all the other eligible bank chairmen for interaction."
The committee had short-listed candidates that on the basis of the factors that include an entity being headed for a minimum of two years and an age requirement of less than 60 years. The Deputy Governor's post has been lying vacant since the time V Leeladhar has retired in December 2008.
The selection committee is headed by the RBI Governor D Subbarao and includes members like Finance Secretary Arun Ramanathan, former SBI Chairman Janki Ballabh and former Deputy Governor of RBI Vepa Kamesan and Secretary Personnel Rahul Sarin.
The committee is going to present a panel of names to the appointment committee of cabinet that is headed by Prime Minister Manmohan Singh.
The government is eager to finalize on the selection by the end of this month so that they can make the appointment before the Lok Sabha elections are announced.
RBI has four positions for the post of Deputy Governor. One out these is appointed from the banking sector, one from finance ministry and the remaining two are internal.
It is first time the government has appointed a selection committee appointing the key post of Deputy Governor of RBI.