After Urjit, who? Speculation rife on who will be next deputy governor

Michael Debabrata Patra is the likely candidate to replace Urjit Patel as deputy Governor.

Listen to Story

Advertisement
Michael Debabrata Patra
Michael Debabrata Patra, next Deputy governor

In Short

  • Michael Debabrata Patra is likely candidate who will take over as Deputy Governor.
  • RBI Rama Subramaniam Gandhi, NS Vishwanathan, SS Mundra three other likely candidates.
  • Urjit Patel who was the deputy Governor will now have to choose his successor.

Its been one of the most awaited decision when Raghuram Rajan announced his decision to retire from the RBI Governor's top post in June.

After many names and guesses, finally it was an insider who was chosen to lead Rajan's legacy on Saturday. But with Urjit Patel finally making the cut for the RBI top post, another speculation has begun at the Mint Road.

advertisement

Who will be part of the top 4 elite 'DG CLUB' or the Deputy Governors after one of the posts is vacated?

NEXT IN LINE FOR URJIT'S POST

It will be a choice between either a senior RBI executive officer or someone with an economist background.

"Michael Debabrata Patra could be in the race if you go by the previous trend. He is executive director of the RBI and in charge of the monetary policy. Already the signal is given that candidates from within the RBI are being preferred.", said a top officer at the Finance Ministry

Interestingly, Harvard educated Michael Debabrata Patra was interviewed earlier to take over Urjit Patel's Deputy Governor which would have vacated last December. But Urjit got an extension to continue in January.

Rama Subramaniam Gandhi

Currently, two deputy governors of RBI Rama Subramaniam Gandhi and N S Vishwanathan have been elevated from within the institution. They both have been former Executive Directors at the RBI.

LAST MINUTE SURPRISE

NS Vishwanathan

In July, NS Vishwanathan was selected as the Deputy Governor by the Financial Sector Regulatory Appointment Search committee headed by Cabinet Secretary PK Sinha. He was the first appointment by the panel after the controversy over RS Gandhi's appointment which ruffled many feathers at the top.

SS Mundra

But there could be a last minute surprise too. SS Mundra, who has been Deputy Governor since July 2014 at RBI, was a commercial banker and headed Bank Of Baroda in his last stint.

Even Urjit Patel wore a corporate hat before his Deputy Governor selection. He was President (Business Development) at Reliance Industries Limited (2008-09) and was with Boston Consulting Group advisor for energy & infrastructure (2009-13).

Interestingly, unlike the RBI governor who gets three years tenure, a Deputy Governor is appointed for period of five years or till the age of 62, whichever is earlier. In a turn of fate, Urjit Patel who was the Deputy Governor will now have the onerous task to choose his successor, as he steps in Rajan's shoes.

Also Read: It will be idiotic to attack Urjit Patel: Swamy on new RBI Governor's appointment