The process of selecting the appropriate successor of U C Sarangi, Chairman of the National Bank for Agriculture and Rural Development (NABARD) has been inititated by the union government as well as banking regulator, Reserve Bank of India.

So far, 23 candidates have been shortlisted for the post. This includes two executive directors from NABARD also, said officials from NABARD and the ministry of finance. The EDs are SK Mitra and Prakash Bakshi, having two and three years of remaining service respectively.

Other candidates for the post include ED Of Export and Import (EXIM) Bank of India and Renu Challu, MD of State Bank of Hyderabad.

Sarangi's tenor ends on December 3. He had wanted an extension in service which was however not supported by the finance ministry.

NABARD MD, KG Karmakar was also an applicant for the post, but owing to only 1 and a half years of remaining service, was not selected.