The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector.

Currently, the RBI has four Deputy Governors of whom two are internal appointees. The third DG is typically a career public sector banker while the fourth is an economist who will handle the monetary policy.

Of the four Deputy Governors, SS Mundra, who was earlier Bank of Baroda Chairman and Managing Director, was appointed in 2014 for a period of three years.

The RBI, however, did not specify whether the applications are being sought for a replacement for Mundra who has been closely involved in the bad loan resolution process. The current practice is to select a senior public sector banker for the post.

Earlier this month, the RBI also sought applications for a new post of Chief Financial Officer as part of lateral hiring at the central bank.The Department of Financial Services in the Finance Ministry will handle the selection process for the DG appointment.

The RBI has listed 15 years of experience in banking and financial market operations as a criteria for selection. The applicant must have extensive experience as a full-time director or Board member and be competent in working with financial performance data.

Additionally, it is desirable for the person to have experience in large corporate lending, in an environment with strong bond markets,  understanding of bankruptcy/ restructuring/ turn-around/ credit models and/or overseen the risk management function in a large financial institution.

The fixed salary for the Deputy Governor would be Rs 2.25 lakh a month and the appointment will be for a period of three years and the candidate will be eligible for re-appointment. Interested persons can submit the applications by June 21.#casansaar (Source - MoneyControl News)