The panel headed by the Cabinet Secretary will interview five candidates for the post of RBI Deputy Governor on June 1

The panel, headed by the cabinet secretary, is scheduled to interview the shortlisted candidates on June 1 for the post of RBI deputy governor, which falls vacant on June 21 after MK Jain completes his extended tenure.

This vacancy for the post of RBI Deputy Governor is reserved for Commercial Banker.

According to sources, five candidates have been shortlisted, including a non-executive chairman of a public sector bank.

The Financial Sector Regulatory Authority Recruitment Search Committee (FSRASC), headed by the Cabinet Secretary, will interview the candidates in Delhi, the sources said.

The shortlisted name from the interview will be sent for final approval to the Cabinet Appointments Committee chaired by the Prime Minister.

Apart from the Cabinet Secretary, other members of the FSRASC include the RBI Governor, the Financial Services Secretary and two independent members.

Also read | Latest news from the Reserve Bank of India

According to the RBI Act of 1934, the central bank should have four deputy governors – two from the ranks, one merchant banker and one economist – to head the monetary policy department.

The RBI currently has four Deputy Governors – MK Jain, Michael Debabrata Patra, M. Rajeshwar Rao and T. Rabi Sankar.

Appointments of the Deputy Manager are for an initial period of three years and the person is eligible for re-appointment. The Deputy Manager gets a fixed salary of ₹2.25 lakh per month plus allowances.