Race for RBI Dy Governor narrows down to 2

The race for the Reserve Bank of India (RBI) Deputy Governor is back in the news again. Sources say this time the competition is down to two- KC Chakrabarty of Punjab National Bank (PNB) and TS Narayansami of Bank of India (BOI). So who is likely to don the mantle? Bankers say KC Chakrabarty, Chairman of Punjab National Bank is the clear favourite among the two.

KC Chakrabarty

Educational Qualifications: Gold Medalist – M.Sc Statistics and PhD - Statistics

Work Experience:   Former Chairman and MD, Indian Bank

                                  Currently Chairman and MD, PNB

A gold medalist and doctorate in statistics, KC Chakrabarty has held important posts in the Indian banking industry. Before becoming the Chairman and Managing Director of Punjab National Bank, he was the CMD of Indian Bank.

TS Narayanasami

Educational Qualifications: Bachelor of Science

Work Experience:   Served 31 years in Union Bank of India

                                 Currently Chairman and MD, Bank Of India

                                 Currently Chairman, IBA

The other candidate is TS Narayanasami who started his career with Union Bank of India. A bachelor in science, Narayansami is the current Chairman of Indian Banks' Association.

Bankers say the final selection of the Deputy Governor now rests with the Finance Minister. Central vigilance commission has already given a clean chit to the two candidates and bankers expect the final announcement anytime next week. But if Chakrabarty goes to the RBI and Narayansami retires, it will create vacancies in the two banks.

Bankers say three candidates have already set their eyes on PNB and BOI. Alok Mishra, CMD of Oriental Bank of Commerce (OBC), SA Bhat of Indian Overseas Bank and SK Goel of UCO Bank.

Both Alok Mishra and SA Bhat have been former officials of BOI and are vying for the top job there. According to bankers, Alok Mishra of OBC stands a better chance of winning as he has two more years of service left, unlike the other two candidates. It looks like the banking industry is all set for a churn.

With inputs from CNBC-TV18's Gopika Gopakumar