A search panel headed by the cabinet secretary is scheduled to interview shortlisted candidates on August 7 for the post of RBI deputy governor. As per the earlier schedule, the interview was to take place on July 23 but was deferred due to some reasons.

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As per the RBI Act, the central bank should have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department. At present, the RBI has three deputy governors -- B P Kanungo, M K Jain and Michael Debabrata Patra. Kanungo, whose term was to end on April 2, had taken charge as a deputy governor in April 2017.

Salary and allowances

The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.

The post had fallen vacant after senior-most deputy governor N S Vishwanathan demitted office three months ahead of his extended tenure on March 31 on health grounds after serving the monetary authority for 39 years.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference. The selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval.

Besides the cabinet secretary, other members of FSRASC include the RBI Governor, financial services secretary and two independent members. This vacancy of RBI deputy governor has been reserved for the central bank's internal candidate, who would look after the key supervisory and regulatory functions at the Mint Road.