India Invites Applications for RBI Deputy Governor Role as Michael Patra’s Term Nears End

The Indian government has announced an open call for applications for the role of Deputy Governor at the Reserve Bank of India (RBI), as Michael Patra’s term will end in January 2025. Interested candidates must apply by November 30.

Key Qualifications and Requirements

Applicants should have at least 25 years of experience in public administration or with Indian or international financial institutions. Surprisingly, an economics degree is not required, even though the Deputy Governor will lead the monetary policy department, which includes oversight of key RBI divisions like economic policy, statistics, financial markets, and regulations.

About the Role and Eligibility

The RBI has four Deputy Governors, two of whom typically come from outside the central bank. Candidates should be under 60 years of age as of January 15, 2025. The position offers a monthly salary of ₹2.25 lakh, and the initial appointment will be for three years, with a possibility for re-appointment.

While Michael Patra has spent six years in the role, his background is unique, as he has advanced through internal ranks at the RBI, unlike previous Deputy Governors who were often economists from outside. Past holders of this post have included influential figures like former RBI Governors C Rangarajan, YV Reddy, and Urjit Patel.

Flexible Selection Process

A specialized Financial Sector Regulatory Appointments Search Committee (FSRASC) may recommend other outstanding candidates who haven’t applied. It may also relax some criteria for exceptional applicants, per an RBI advertisement.

This open selection approach aims to ensure that the most qualified candidates, both from India and internationally, have the opportunity to apply.