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The Election Commission will have a say in deciding a replacement for incumbent RBI Deputy Governor KC Chakrabarty, who had sought early retirement from the central bank.
Although a search panel headed by RBI Governor Raghuram Rajan had zeroed in on a banker to take charge of this prestigious position, the Central Government, it is understood, wants to play it safe.
The matter has been referred to the Election Commission for its concurrence, given that the model code of conduct for the general elections will be in force till May 12, said sources close to the development. The search panel had interviewed the heads of nine public sector banks to select a replacement for Chakrabarty, who is likely to demit office on April 25, ahead of the scheduled term-end on June 30.
Front runners Punjab National Bank CMD, KR Kamath, and Bank of Baroda CMD, SS Mundra, are front runners for this post, traditionally reserved for a banker.
The Reserve Bank of India has four Deputy Governors — two from within the organisation, one economist and one banker.
A Deputy Governor of the RBI can be appointed for a period of five years or until the age of 62 years, whichever is earlier.
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