RBI invites applications for deputy governor post. How to apply?

The Reserve Bank of India (RBI) has invited applications for the post of Deputy Governor through an official advertisement dated Monday, November 4, 2024.

This is because current Deputy Governor Michael Patra’s term will end on January 15.

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What is the eligibility for RBI’s Deputy Governor role?

The RBI says the candidate should not be more than 60 years of age as on 15.01.2025.

When it comes to experience,

• The candidate must have a minimum of 25 years of work experience in Public Administration, which includes experience at the level of Secretary or equivalent in the Government of India; or
• Should have at least 25 years of work experience in an Indian or International Public Financial Institutions; or
• Should have an exceptional merit and track record at the national or international level in a relevant field.

How much is the salary and office term?

The salary is ₹2,25,000 (Level 17) and the term of office will be for a period of three years, with the candidate also being eligible for re-appointment.

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What is the last date for filing the application?

The last date applications can be submitted is November 30, 2024, and it has to be duly filled in and sent with the CV, one passport size photograph, and names with contact details of three references.

The format of the application is available at https://financialservices.gov.in/ and https://rbi.org.in/.

The RBI also has a disclaimer stating that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is “free to identify and recommend any other person also, based on merit, who has not applied for the post.”

The disclaimer went on to say that “the committee may also recommend relaxation in the eligibility and qualifications / experience criteria, in respect of outstanding candidates.”

Who is Michael Patra?

Michael Patra is an economist who has worked with the RBI since 1985. A member of the monetary policy committee (MPC), he was first appointed as deputy governor in January 2020 for three years, with his term being extended by another year.

He has a PhD in economics from IIT Bombay and is a Post-doctoral research fellow at Harvard University.

He has also worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) from December 2008 to June 30, 2012.

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