R. Gandhi, an executive director at the Reserve Bank of India (RBI), has been named as deputy governor, succeeding Anand Sinha, whose term ended in January.
Gandhi has been appointed for a period of three years, the central bank said in a statement on Thursday. Gandhi’s name was approved by the appointments committee of the cabinet led by Prime Minister Manmohan Singh.
RBI generally has four deputy governors—two RBI insiders, one an economist and the other a banker. The central bank usually chooses the banker candidate from the public sector. The current deputy governors are H.R. Khan and Urjit Patel.
K.C. Chakrabarty, another deputy governor, resigned last month for personal reasons, nearly three months before the end of his term. Chakrabarty will remain in office till 25 April.
Gandhi will have a critical role to play in the licensing process, which was spearheaded by Sinha till his retirement. On Wednesday, RBI gave an in-principle approval to Bandhan Financial Services Pvt. Ltd and IDFC Ltd to become new banks from a list of 25 applicants.
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