MUMBAI: RBI Executive Director VK Sharma is widely perceived as the frontrunner for the Deputy Governor's post, which falls vacant on June 20, when current Deputy Governor Shyamala Gopinath retires.
"V.K.Sharma, G.Gopalakrishna and V.S.Das are being considered for the slot. Based on seniority, Sharma may be the first choice for the job," said a source. "The final decision rests with the government. An announcement of the successor is expected around June 20," he added. In September 2004, Sharma took charge as ED. At present, he is in charge of departments like Currency Management, Rural Planning and Credit Department, Customer Service Department and Financial Markets Department. Gopalakrishna is responsible for non-banking supervision, department of banking supervision and central security cell while Das is in charge of financial stability unit, department of payment and settlement systems, central vigilance cell and department of communication. "This time around, the government would like to stick to the seniority criteria to avoid possible controversies. Sharma has missed out in the past, and hence, could be given a chance this time," said another banking source. In 2006, PK Biswas, a former RBI ED, had moved court, arguing that the seniority criterion was ignored in the DG appointment. Biswas, who joined RBI in 1972, was never promoted as DG, even though he was high on the merit list. Prior to this, in 2003, soon after KJ Udeshi was promoted as deputy governor, the then executive director KL Khetrapal resigned. Among the four deputy governors currently holding office, KC Chakrabarty is a former banker, Subir Gokarn is an economist while Shyamala Gopinath and Anand Sinha are career central bankers. Ms Gopinath is in charge of internal debt management department, foreign exchange department, government & bank accounts and payment and settlement systems, besides other key responsibilities.
ET
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