Government invites applications for RBI Deputy Governor as MK Jain's term ends in June

The RBI has four deputy governor positions — currently occupied by Michael Patra, MK Jain, M Rajeshwar Rao and T Rabi Sankar. However, deputy governor MK Jain’s tenure is set to end in June this year, prompting the government to invite applications for the post. MK Jain was appointed as the deputy governor in 2018 for a period of three years, and later given a two-year extension in 2021. MK Jain is currently the DG in charge of the critical role of banking supervision.

The candidates applying are required to have at least fifteen years of experience in banking and financial market operations, extensive experience as a Full Time Director/ Board Member, and an understanding of supervision and compliance in the financial sector at a very senior level- as per the qualification criteria set by the government.

In addition, they must also have strong competencies working with financial performance data, including interpreting, summarising and communicating high-level output, as well as strong and clear communication skills on matters of public policy.

Additional qualifications of an appreciation, as a practitioner, of the role of banks in large corporate lending, in an environment with strong bond markets, and an understanding of bankruptcy, restructuring, turn-around, credit models, and, or overseeing the risk management function in a large financial institution are also listed as desirable.