The Central Government is likely to extend the tenure of K C Chakrabarty as deputy governor of the Reserve Bank of India (RBI) by two years.
KC Chakrabarty appointed as deputy governor of Reserve Bank of India in June 2009 and was given a three-year term that ends on June 14, 2012. The new rule of RBI says, A deputy governor can be appointed for five years and the retirement age is 62 — the retirement age for other RBI officials is 60 years. A candidate has to be younger than 60 to be eligible. An exception to this rule was made during the re-appointment of Shyamala Gopinath in 2009.
K C Chakrabarty will turn 60 at the end of this month. He served as the Chairman and Managing Director (CMD) of Public Sector lender Punjab National Bank (PNB) and Indian Bank before joining Reserve Bank.