After the much talked about stepping down of Governor of RBI Raghuram Rajan preceded to its resignation, many deserving candidates were listed as his successor. The center named few noted names of renowned firms which is still under speculation. In the midst of all this, Deputy Governor of RBI got appointed. The accredited candidate is nonetheless N S Vishwanathan.
The Executive Director at Central Bank of India, Vishwanathan was chosen by a core team of search committee headed by Cabinet Secretary. At present, RBI Deputy Governor Shri Harun R. Khan will get retired on July 3,2016 amid turning 62 year old. Also, his 3 year tenure would be completed as per rules in RBI.
Earlier all the appointment procedure was conducted by RBI Governor but for the first time a panel was set recommended by Financial Sector Regulatory Appointment Search Committee (FSRASC) led by Cabinet Secretary. Being the premium decision maker, they included present RBI Governor in the panel too, as per rules and regulations.
RBI’s Governor said no to second tenure after the completion of first three years in coming September 4, 2016. As in current stage, a search have been in action for next Governor. Though a decision made by Rajan this January asked to set a search panel for the next appointment of Deputy Governor which eventually gave sitting DG of RBI Dr. Urijit Patel heading monetary policy department; further 3 year extension.
H R Khan was appointed DG in July 2011 who was in-charge of the financial markets, foreign managements as well as internal debt management department at the central bank. He got re-elected in 2014 for 2 years more.
N S Vishwanathan wasPrincipal Chief General Manager in RBI heading the Department of non-banking supervisions. After that, he got elected as Executive Director in central bank in 2011. He even served few year tenure asChief General Manager in Vigilance Department at IFCI Ltd. in New Delhi.
Presently Reserve Bank of India has four Deputy Governor named as Shri S.S. Mundra (July 2014 onwards), Shri R. Gandhi (April 2014 onwards), Dr. Urijit R. Patel (January 2013 to January 2016 and again January 2016 onwards) and Shri Harun R. Khan ( September 2011 to September 2014 till date).