New Delhi: N S Vishwanathan has been named the new Deputy Governor of the Reserve Bank of India in place of H R Khan, who will be retiring next week.
Currently the Executive Director at the central bank, Vishwanathan was chosen by a search committee headed by Cabinet Secretary - the first appointment to be done through this panel.
The Prime Minister Narendra Modi-led Appointments Committee of Cabinet has approved of Vishwanathan's appointment, an official source said.
A formal order announcing of his appointment will soon be issued , it said. He will replace Harun R Khan, who will superannuate on July 7 as he turns 62.
Khan, who is in-charge of the financial markets, internal debt management departments, foreign management among others at the central bank, was appointed as a Deputy Governor in July 2011 and reappointed in 2014 for two more years.
However, Vishwanathan said he hasn't received any formal appointment letter yet and has only heard of the news through media.
This is for the first time that a Deputy Governor's appointment has been made through recommendations of the Financial Sector Regulatory Appointment Search Committee headed by Cabinet Secretary P K Sinha. The panel also included RBI Governor Raghuram Rajan.
As per earlier practice, all appointments of Deputy Governors to RBI were done through a panel headed by RBI Governor.
The central bank has four deputy governors - two from within the ranks (the other being R Gandhi) and one commercial banker (S S Mundra) and an economist to head the monetary policy department (Urjit Patel).
Prior to his being appointed as Executive Director in April 2014, Vishwanathan was Principal Chief General Manager in the Department of non-banking supervision at Reserve Bank of India.
He has also served as Chief General Manager of Vigilance at IFCI Ltd, Delhi-based government owned finance company.
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