RBI’s Deputy Governor Dr. Anand Sinha, who was looking after the new bank licence process, retired. The procedure for granting licences to the private sector is yet to be completed.
Dr. Sinha was in charge of the Department of Banking operations and Development (DBoD)
Was also handling the long process of inviting and selecting applicants for new bank licences.
It is believed that Dr. Sinha will be appointed as an adviser to the apex bank for a period of 3 months so that his expertise can be utilised for short-listing of applicants for bank licences.
His portfolio has been allocated to other 3 Deputy Governors – K C Chakrabarty, H R Khan and Urjit Patel., till his successor is appointed.
Note: A deputy governor in RBI can be appointed for a maximum of 5 years or till the age of 62, whichever is earlier.