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SBI official in running for RBI post

Vepa Kamesam, managing director of the State Bank of India, is likely to be appointed as deputy governor of the Reserve Bank of India next month, a senior banking source said on Monday.

He will replace S P Talwar, a former commercial banker, who is set to retire on June 30.

"The Union finance ministry has forwarded Kamesam's name. It has to be cleared by the prime minister's office and vigilance agencies before he is appointed," the source said.

SBI is India's largest commercial bank.

The Union government appoints the Reserve Bank of India's top officials like the governor and the three deputy governors.

While the governor has traditionally been an economist or a technocrat from outside the RBI, the three deputy governors have to be a senior commercial banker, a central banker and a civil servant.

Of the two other deputy governors, Jagdish Capoor is slated to retire in June-end, while Y V Reddy retires in August.

The source said Reddy, a former civil servant who frames monetary policy, is likely to get a two-year extension.

However, Capoor, a career central banker will be replaced by either G P Munniappan, who recently retired as executive director of the RBI or P B Mathur who is the most senior executive director.

"Both are in the race for the post of the third deputy governor," the source said.

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