(Bloomberg) -- India has invited applications for the post of deputy governor in the Reserve Bank of India, indicating it is looking for candidates to replace Michael Patra whose term gets over in January.
Persons who have at least 25 years of work experience in public administration, including those at the level of secretary or equivalent role in Indian government, are eligible, according to an advertisement in Business Standard newspaper on Monday. Those who have worked at an Indian or International Public Financial Institution can also apply, the advertisement said.
The move shows that the government is moving toward filling up vacancies to avoid any last-minute delays that may make the central bank watchers anxious. Last month, the government appointed three new members to the RBI’s monetary policy committee - the panel that decides on interest rates.
Patra first took over as deputy governor in January 2020, and received a one-year extension in January last year after this initial three-year term ended. Governor Shaktikanta Das’ contract also comes to an end on Dec. 9.
Patra is a trusted deputy of Das and is in charge of the crucial monetary policy department. He is the only member of the MPC who has been on the rate-setting panel since its inception in 2016.
The central bank kept interest rates unchanged but tweaked its policy stance to neutral, setting the stage for easing in the coming months. Das said last month that a rate cut at this stage would be “very, very risky,” and he wants to bring inflation down to the 4% target level on a durable basis before he considers easing.
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