Mumbai: K.C. Chakrabarty, chairman of Punjab National Bank (PNB) and T.S. Narayanasami, chairman of Bank of India, have emerged as the front-runners for the post of the deputy governor of the Reserve Bank of India. So who is likely to don the mantle? Bankers say Chakrabarty is the clear favourite among the two.
A gold medallist and doctorate in statistics, Chakrabarty has held important posts in Indian banking. Before becoming the chairman and managing director of PNB, he was the chairman and managing director of Indian Bank. The other candidate, Narayanasami, started his career with Union Bank of India. A bachelor in science, Narayanasami is the chairman of Indian Banks’ Association.
Ahead: Punjab National Bank’s K.C. Chakrabarty is front-runner for the central bank post. Ramesh Pathania / Mint
These bankers, who spoke on condition of anonymity, say the final selection of deputy governor now rests with the finance minister. The Central Vigilance Commission has already given a clean chit to the two candidates and bankers expect the final announcement anytime next week. But if Chakrabarty goes to the RBI and Narayanasami retires, it will create vacancies in the two banks.
Bankers say three candidates have already set their eyes on PNB and Bank of India. Alok Kumar Misra, chairman and managing director of Oriental Bank of Commerce, S.A. Bhat of Indian Overseas Bank and S.K. Goel of UCO Bank Ltd are the three potential candidates.
Both Misra and Bhat have been former officials of Bank of India and are vying for the top job there. According to bankers, Misra stands a better chance of winning as he has two more years of service left, unlike the other two candidates. It looks like the banking industry is all set for a churn.