PNB chief KR Kamath leads race to become RBI deputy governor

PNB chief KR Kamath leads race to become RBI deputy governor

Punjab National Bank (PNB) Chairman K. R. Kamath is reportedly the front-runner to replace Reserve bank of India (RBI) Deputy Governor K. C. Chakrabarty, who is going to retire next month.

Sources, with direct knowledge of the matter, said that Raghuram Rajan-headed search panel had zeroed in on a successor to Mr. Chakrabarty, and that Mr. Kamath was at the top in the reckoning.

The post will become vacant as Mr. Chakrabarty has expressed his intention to be relieved on 25th of April, around a couple of months ahead of his scheduled retirement on June 30.

After Mr. Chakrabarty's departure, the government will have two vacancies to fll at the central bank. The government has yet not found a replacement for Anand Sinha who stepped down in January this year.

Last Friday, the search panel interviewed chairman & managing directors of nine public sector lenders. The panel called chiefs who have been heading a bank for a period of more than one year. With six years on the top job, Mr. Kamath emerged as the senior most among the nine bankers.

The other CMDs in the race are: Bank of Baroda chief S. C. Mundra, UCO Bank' Arun Kaul, Bank of India's V R Iyer, OBC's S. C. Bansal, Indian Bank's T. M. Bhasin, Dena Bank's Ashwani Kumar, IOB's M. Narendra and Canara Bank's R. K. Dubey.

The final decision on the appointment of the new deputy governor of the central bank will be taken by the Prime Minister-headed Appointments Committee of the Cabinet (ACC).

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