Mumbai:The extended term of Subir Gokarn, a deputy governor of the Reserve Bank of India (RBI), ended on Monday. The post will remain vacant till the government identifies his successor.
Gokarn was in charge of monetary policy department and the department of economic analysis and policy—two critical departments of the central bank which has been fighting a persistent battle against high inflation in Asia’s third largest economy. Its next monetary policy review is slated for 29 January.
Gokarn joined RBI as a deputy governor on 24 November, 2009 succeeding Rakesh Mohan. He was 49 then, and the youngest deputy governor in RBI’s history.
His three-year term came to an end on 23 November. The government had extended it till 31 December.
The finance ministry has constituted a search committee to identify his successor but the process has not yet been completed.
Traditionally, RBI has four deputy governors. Two are promoted from RBI’s own ranks, third a commercial banker and the fourth an economist.
This is not the first time that the post of a deputy governor remains vacant but there has not been any instance, at least in the past one decade, when RBI did not have a deputy governor holding charge of monetary policy.