Application Criteria For RBI Deputy Governor Signal Return To The Tried And Tested

The government on Thursday invited applications for the post of deputy governor of the Reserve Bank of India to replace Viral Acharya, who exited the central bank prematurely at the end of July.

The application, which lays down the criteria for those considered eligible, suggests a subtle shift back to the tried and tested and away from an attempt in recent years to attract private sector taken to strengthen the central bank's bench.

The advertisement, put up on the RBI website, lists out the following criteria in this order:

• Persons who have at least 25 years of work experience in Public Administration including experience at the level of Secretary or equivalent in the Government of India;

Or

• From among persons who have at least 25 years of work experience in an Indian or International Public Financial Institution;
• From among persons of exceptional merit and track record at the national or international level in the relevant field(s).

In the last two rounds when applications had been sought for the post of deputy governor, the advertisement had focused more on relevant experience than on years of service or the nature of institutions that applicants had worked for.

Take, for instance, the call for applications on Jan. 31, 2018. The qualifications and experience listed there included:

• At least fifteen years of experience in banking and financial markets experience.
• Extensive experience as a full-time director/board member.
• Understanding, at a very senior level, of supervision and compliance in the financial sector.
• Strong competencies working with financial performance data, including interpreting, summarising and communicating high-level output.
• Strong and clear communication skills on matters of public policy.

The same list of criteria had been used when applications were invited on May 24, 2017.

The criteria used in Thursday's call for applications was last used in the Sept. 28, 2016 advertisement put out by the government.

The RBI has seen some private talent come and go over the last few years.

Raghuram Rajan joined as governor in September 2013, after a series of governors who were either from the Indian Administrative Service or had worked in government positions for extended periods of time. Rajan completed his three-year term but stepped down before he could be considered for an extension. Urjit Patel, who had also worked mostly in the private sector except his stint as deputy governor, replaced Rajan. He stepped down abruptly in December last year. Viral Acharya also exited the central bank in June this year before finishing his term.

Patel was replaced by Shaktikanta Das in December, marking a return to the IAS. Acharya's post remains vacant. Thursday's call for applications puts a deadline of Aug. 30, 2019 for any interested individuals to apply.