Indian Express: New Delhi: Monday, March 13, 2017.
For the post of Deputy Governor of Reserve Bank of India (RBI) that was filled late last year, the central government received a total of 91 applications that spanned a wide range of persons — from a social worker, an accountant from Lucknow and a section officer working at the Calcutta Dock to the Union tourism secretary, an additional secretary from finance ministry and Chief India Economist of J P Morgan.
Senior corporate executives such as Rajarathnam Kannan, head, corporate performance management, Hinduja Group; Ajit Ranade, chief economist, Aditya Birla Group; Sajjid Z Chinoy, chief India economist, JP Morgan; Srinivasan Vardarajan, deputy managing director, Axis Bank also applied for the post of Deputy Governor.
Ultimately, on December 28 last year, out of 91 applicants, the central government chose Viral Acharya, the CV Starr professor of economics at the New York University Stern School of Business, as the new Deputy Governor of RBI. This position was vacated by Urjit Patel after he was appointed as the RBI governor on August 20 last year.
A number of senior bureaucrats had also applied for this Mint Road office. Vinod Zutshi, secretary, ministry of tourism; Dinesh Sharma, additional secretary, Department of Economic Affairs, Finance Ministry; A K Manocha, chairman and managing director (CMD), Indian Railway Catering and Tourism Corporation (IRCTC); Satya Narayan Mohanty, secretary-general & CEO, National Human Rights Commission (NHRC); Kshatrapati Shivai, CMD, Small Industries Development Bank of India (SIDBI) are some of the bureaucrats who applied for the crucial post.
The Indian Express received the information about these applications in response to an application filed under Right to Information Act (RTI Act), 2005. Mukul Saxena and Navneet Kumar Gupta, who identified themselves as “social worker” and “consultant”, respectively, also applied for the position, alongside Gopal Swaroop Johan, accountant, UP Khadi & Village Industries Board, Lucknow; Vinod Arjanbhai Paneliya, Advocate, Rajkot; Dileep Kumar Gupta Dinkar, Advocate, Bhagalpur; Krishna Kumar Gupta, Advocate, Bhagalpur; Samesh Kumar Jha, Development Officer, Life Insurance Corporation of India (LIC); Tarun Mazumder, section officer, labour board, Calcutta dock, ministry of shipping.
Meanwhile, six out of 11 executive directors from RBI applied for this position — Michael Patra, Deepak Mohanty, Deepali Pant Joshi, Deepak Singhal, Meena Hemchanda and Chandan Sinha. Former RBI executive director Uma Shankar Paliwal too applied for this post. Gurumoorthy Mahalingam, whole-time member of the Securities and Exchange Board of India (Sebi), who was earlier an executive director at RBI, also tried for this position, alongside two other employees of RBI — PSN Prasad, legal adviser and Madhukar Jadhav, general manager.
PV Ramesh, an IAS officer of the 1985 batch of Andhra Pradesh cadre, had also applied for the post. However, the central government appointed him as the CMD of Rural Electrification Corporation Limited (REC). Prior to joining REC on January 5, 2017, Ramesh was the special chief secretary (Environment, Forest, Science & Technology) and Development Commissioner in the Andhra Pradesh government.
KB Nanda, financial commissioner, ministry of railways; Vijay Satbir Singh, Additional Chief Secretary (Health), Maharashtra; Ravindra Kumar Srivastava, Additional Chief Secretary (Energy), Jharkhand; Anadi Nath Mishra, Accountant Member, Income Tax Apellate Tribunal; Anil Kumar Singh, Principal Chief Commissioner, Income Tax Department, West Bengal, are some of the other senior bureaucrats who were interested in becoming Deputy Governor of RBI.
Madan Sabnavis, Chief Economist, CARE Ratings, also applied for this post. Various bank officials also showed their interest too. Kishore Kumar Sansi, MD & CEO, Vijaya Bank; Ajay Sagar, Senior Advisor, Asian Development Bank, Manila; Binda Sah, Chairman, Uttar Bihar Gramin Bank; Emadi Sankara Rao, Chief General Manager, India Infrastructure Finance Company Limited (IIFCL); Ponkshe Prabhakar Vinayak, Managing Director, Cosmos Cooperative Bank, Pune; Jayaram Nayar, part-time chairman, Dhanlaxmi Bank applied for this post.
From the academic field, Errol D’Souza, dean of faculty, Indian Institute of Management (IIM), Ahmedabad; T T Ram Mohan, professor, IIM Ahmedabad; Renu Kohli, Professor, Indian Council for Research on International Economic Relations (ICRIER); Shakti Kumar, Associate Professor, Centre of Economic Studies and Planning, Jawaharlal Nehru University applied for the post