Delay led to uncertainty: Anand Sinha

The deputy governors of the Reserve Bank of India (RBI) are known to rarely, if ever, let anyone know what’s on their minds. However, in a rare interview, RBI Deputy Governor Anand Sinha didn’t shy away from expressing his anxiety about the delay in his appointment.

Sinha replaced Usha Thorat, who retired in early November.

“With the time for my usual super-annuation from the bank’s services fast approaching, it made things a bit uncertain for me and my family, since in such a situation, I was not able to a take a view on my plans for the future. I could also see my wife and children were tensed,” Sinha said in an interview published in Without Reserve, an RBI magazine. Chief General Manager Deepak Singhal is the editor of the magazine.

The search committee to identify a deputy governor was formed in August and the recommendations were sent in September. Yet, the post was vacant for more than two months, due to a delay in the appointment announced by the government.

To be eligible for the post of RBI deputy governor, one has to be less than 60 years of age, with two years of residual service. The retirement age for a deputy governor is 62 years, while for other RBI employees, the retirement age is 60.

Things became uncertain for Sinha because he attained the age of 60 in February, and as an executive director, he would have retired had he not been appointed a deputy governor. “To be honest, the instant thought was more of relief than happiness. Yes, I did feel happy when, just after the interview, newspapers started indicating that my name had been recommended by the selection panel. The final announcement of course, came after quite a while,” Sinha said. “So, when it came, I just felt relieved. Did I feel ecstatic? No, I have a pretty steady temperament,” said Sinha, who names Mahatma Gandhi as his favourite personality.

Source: Business Standard