Reserve Bank of India Deputy Governor Anand Sinha, who was looking after the new bank licence process, has retired, even as the procedure for granting licences to the private sector is yet to be completed. His portfolio has been allocated to other three deputy governors. It is also believed that Dr. Sinha would be appointed as an adviser to the central bank for three months so that his expertise can be utilised for short-listing of applicants for bank licences.
The Reserve Bank of India (RBI) deputy governor Anand Sinha retired last week. So, the Indian central bank had to distribute Sinha’s portfolio among three other deputy governors—K.C. Chakrabarty, H.R. Khan and Urjit R. Patel—till his successor is appointed.
Traditionally, RBI has four deputy governors—two insiders, one an economist and the other a commercial banker. In the current lot, Chakrabarty is a commercial banker and Khan an insider.
Sinha, who is in charge of the department of banking operations and development (DBoD), has also been handling the long process of inviting and selecting applicants for new bank licences.
Sinha joined RBI in 1976, after a master’s degree in physics from the Indian Institute of Technology, Delhi.
The central bank has four DGs. Traditionally, two are promoted from within the ranks of RBI, one is an economist and the other is a commercial banker. While Sinha and Khan were from within RBI, Chakrabarty was a commercial banker and Patel an economist. Chakrabarty will retire in June 2014, after completing five years in RBI. Khan’s three-year term will get over in July; he is eligible for a two-year extension.