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Two bureaucrats in race for RBI job

Two senior bureaucrats are in the race for the post of deputy governor in charge of monetary policy and internal debt management at the Reserve Bank of India, finance ministry sources told Reuters on Monday.

The key post, keenly watched by bond and currency traders, will fall vacant from August 1 as the current deputy governor Y V Reddy, 61, has been appointed India's executive director at the International Monetary Fund for three years beginning on August 1, 2002.

"V Govindrajan, secretary at the Department of Company Affairs, and Adarsh Kishore, additional secretary at the ministry of finance, are in the race to replace Reddy," the sources said.

Reddy, a career bureaucrat, will replace Vijay Kelkar at the IMF. Reddy has been the RBI's deputy governor since 1996 and has handled monetary policy, economic analysis and policy and external investments, among other portfolios.

The RBI is headed by a governor and three deputy governors, one of whom has to be a career bureaucrat, the other a commercial banker and the third a central banker.

Reddy will be replaced just three months before the post for governor could fall vacant when Governor Bimal Jalan's five-year tenure comes to an end in November.

Domestic media has speculated that Jalan could get an extension of another two years.

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