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R Gandhi has been appointed as Deputy Governor of the Reserve Bank of India by the Government. According to a Government notification, his appointment will be for a period of three years.
Gandhi’s appointment follows Anand Sinha relinquishing his charge as Deputy Governor in mid-January. Including Gandhi, the RBI now has four Deputy Governors – KC Chakrabarty, HR Khan and Urjit Patel. Gandhi, who joined the RBI in 1980, was Executive Director of the central bank since March 2011.
Besides Gandhi, the RBI EDs who were in the race for the Deputy Governor’s position were G Gopalakrishna, B Mahapatra, P Vijaya Bhaskar, and Deepali Pant-Joshi.
As ED, Gandhi was in-charge of five departments — Human Resource Management, Currency Management, Central Security Cell, Internal Debt Management and Rajbhasha.
The Government is expected to appoint another Deputy Governor to replace KC Chakrabarty, who has sought early departure (on April 25, 2014) than the scheduled term-end (of June-end 2014), for personal reasons.
Among the commercial bankers being considered by the Government for appointment in Chakrabarty’s place are KR Kamath, Chairman and Managing Director of Punjab National Bank and Chairman of Indian Banks’ Association; SS Mundra, CMD, Bank of Baroda; VR Iyer, CMD, Bank of India; RK Dubey CMD, Canara Bank; and M Narendra, CMD, Indian Overseas Bank.
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