Search the Internet          Tips  Sites: Finance, Investment

Five bank CEOs vie for RBI deputy governor post

BS Banking Bureau

The race for Reserve Bank of India deputy governor's post is hotting up even as one of the incumbent, S P Talwar, is unlikely to hang up his boots till the Joint Parliamentary Committee probe into the stock market scam is over.

Talwar and Jagdish Capoor, RBI's two deputy governors, are slated to retire by end-June when their two-year extended tenure ends. While RBI's in-house candidate, executive director P B Mathur, is certain to step in to Capoor's shoes, five commercial bankers are vying for Talwar's seat. All of them are CEOs of public-sector banks.

S S Kholi, chairman-cum-managing director of Punjab National Bank and chief of Indian Banks' Association, is leading the race. Others who are perceived to be contenders are Central Bank CMD Dalbir Singh, Bank of India chief K V Krishnamurthy and Bank of Baroda chairman P S Shenoy. Even a retired bank chairman has thrown in his hat in the ring -- former Canara Bank chief R J Kamath, who stepped down last month.

"The race is still wide open. Talwar is a commercial banker and ideally the post should be filled in by a commercial banker," said a source in the North Block. Before taking over as RBI deputy governor, Talwar was heading Bank of Baroda.

In case none of the contenders is found suitable to don Talwar's mantle, the post may not be kept reserved for a commercial banker. In this event, a North Block bureaucrat may join the central bank's central office on Mint Street in Bombay. Banking secretary Devi Dayal's name was doing rounds earlier, which has now been replaced by revenue secretary C M Vasudev.

Another RBI deputy governor Y V Reddy's term is coming to an end in August. He is certain to get an extension, provided he is willing to carry on.

Powered by

YOU MAY ALSO WANT TO READ:
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report