The successor to RBI Deputy Governor Michael Patra remains unnamed, even as more than two and a half months have passed since his retirement on January 14. Speculation is growing about an imminent announcement of the fourth Deputy Governor, a key position overseeing monetary policy, financial markets operations, and economic research.
Despite several candidates being interviewed in mid-January, a few names are emerging as frontrunners. These include Poonam Gupta, a former World Bank economist and part-time member of the Prime Minister’s Economic Advisory Council; Chetan Ghate, a former external MPC member; and Suresh Babu of the Madras School of Economics.
Other contenders who were interviewed include Prachi Mishra, Director and Head of the Isaac Centre for Public Policy at Ashoka University; economist Ajit Ranade; and N.R. Bhanumurthy, Director at the Madras School of Economics. Their chances have not been ruled out.
Interestingly, the search panel also interviewed two bureaucrats—Ashish Vachani, Additional Secretary in the Department of Economic Affairs, and Ritvik Pandey, Secretary to the 16th Finance Commission. Both are IAS officers, with Vachani from the 1997 Tamil Nadu cadre and Pandey from the 1998 Karnataka cadre. However, indications suggest that the RBI Deputy Governor role may go to a candidate outside North Block.
Meanwhile, Chief Economic Advisor Anantha Nageswaran is out of contention after the government extended his term by two years, until March 31, 2027.
The government appears to be acting cautiously in making the appointment, given the critical responsibilities associated with the post. Following Patra’s retirement, Deputy Governor M Rajeshwar Rao was assigned his key responsibilities, including participation in the Monetary Policy Committee (MPC) until a new appointment is made.
The prolonged delay in filling this vital position remains notable, given its significance in shaping the country’s monetary policy.
