Pensioners' chat

[T. SRINIVAS]

For appointing RBI Governor there are 

two major points about the appointment.

1. According to section 8(1)(a) of Reserve Bank Act 1934, The Governor and 2(not more than 4) deputy governors are appointed by central government.
2. The appointment are generally being done by Financial Sector Regulatory Appointments Search Committee(FSRASC) which was formed in 2011 and is headed by Cabinet Secretary.

In simple word, RBI Governors are being appointed under section 8 of RBI Act 1934 through FSRASC headed by Cabinet Secretary.

If you examine above mentioned points there is 

no well defined criteria for appointment of RBI Governor. 

And there is no mention about whether civil servants 

like IAS can hold this position or not.

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Sanjay Malhotra (born 14 February 1968) is an Indian Administrative Service Officer of 1990 Batch Rajasthan Cadre. Presently, he is Secretary (Revenue) in Ministry of Finance. In his previous assignment, he held the post of Secretary in Department of Financial Services under the Ministry of Finance, Government of India.^[2]Previously, he served as the Chairman and Managing Director of Rural Electrification Corporation and additional secretary in the Ministry of Power. Prior to this stint, he has served in various post in Rajasthan Government.

Previously, he served as the Chairman and Managing Director of Rural Electrification Corporation and additional secretary in the Ministry of Power.

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GOVERNMENT OF INDIA 

MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES ******** LOK SABHA UNSTARRED QUESTION NO.1058 

TO BE ANSWERED ON JULY 22, 2016/

SELECTION OF RBI GOVERNOR 1058. 

SHRI HARI OM PANDEY: 

Will the Minister of FINANCE be pleased to state: 

(a) whether any selection committee has been appointed for the selection of Reserve Bank of India (RBI) Governor, if so, the details thereof and if not, the reasons therefor; and 

(b) the details of the selection procedure, essential and desired qualifications being opted out for the post? 

ANSWER 

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE 

(SHRI SANTOSH KUMAR GANGWAR) (a) and (b): 

Appointments Committee of the Cabinet (ACC) has approved the constitution of Financial Sector Regulatory Appointments Search Committee (FSRASC) for recommending the names for appointment of Chairperson and Members of Financial Sector Regulatory Bodies including those of Governor and Deputy Governors of Reserve Bank of India. 

The composition of FSRASC is as follows: 

(i) Cabinet Secretary – Chairman 

(ii) Additional Principal Secretary to the Prime Minister 

(iii) Secretary (DEA) or Secretary (DFS) – 

depending on administrative role 

(iv) Chairperson of the concerned Regulatory Authority 

(v) Three outside experts of repute (to be drawn from a list of experts in the field of finance, economics, law, public administration, financial markets and related subjects to be maintained by the Ministry of Finance). 

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Authority :

A joint Secretary in the GOI is the govt nominee director of the PSU related to his ministry ( e.g. JS in Steel Ministry will be a nominee director in SAIL , JS in Coal Ministry on the board of Coal India Ltd et al ) and many a times he has the last word in the board meetings. He does wield much more authority than the managing director even.

Post-retirement prospects :

Closer look at the post-retirement assignments of most of the IAS officers would reveal that the ultimate search for the right candidate for almost every position of eminence invariably ends at the doorstep of an IAS. We have retired IAS officers decorating the posts of Governors of many states , Chief Election Commissioner, Chief Vigilance Commissioner, Comptroller and Accountant General, Reserve Bank Governor, SEBI Chairman , TRAI Chairman et 

[Srinivasan Badri]

How is this appointment procedure etc of RBI governor etc going to help bank retirees woes?

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[T R Kartik]

well said. Such articles dilute the purpose for which this group has been created.

Thanking You,

Yours,

Kartik

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