.............Let’s shift focus to India. When former RBI Governor Y.V. Reddy’s five-year term was coming to an end in September 2008, there was intense speculation on his successor and a possible second term. His deputy Rakesh Mohan, who was in the US on an assignment, was called back for an interview but then finance secretary of India D. Subbarao got the job. An upset Mohan, who was in charge of critical monetary policy, stayed put during the global financial crisis in the wake of the collapse of US investment bank Lehman Brothers Holdings Inc. but left in June 2009 before his term ended. His successor Subir Gokarn, chief economist of global rating agency Standard and Poor’s, was identified by a search committee headed by Subbarao. Gokarn’s three-year term ended on 23 November but he continued till 31 December till his successor was identified. Urjit R. Patel, a non-resident senior fellow of the Brookings Institution and an advisor to the Boston Consulting Group, will succeed Gokarn with a two-year term but it may take a while as even after Prime Minister Manmohan Singh signs off the appointment, it takes months to complete formalities for an outsider who is coming to Mint Road. There is nothing new in a Deputy Governor stepping down and his chair remaining empty, even for months. In fact, Gokarn stepped in five and a half months after Mohan had left. Similarly, K.C. Chakrabarty, another Deputy Governor, succeeded his predecessor V. Leeladhar after six-and-a-half months. But the appointment process is not always transparent; often it shows utter disregard for professionalism..........
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