The Reserve Bank has currently three Deputy Governors as against the requirement of four.
As per the norms, two of the Deputy Governors are taken from within the RBI, while two are hired from outside -- one banker and one economist. Patel was from the economist pool.
The candidate should have at least 25 years of relevant experience and be below the age of 60 years.
The post carries a pay scale of Rs 80,000 (pre-revised).
The candidate should have work experience in public administration including experience at the level of Secretary or equivalent in Government of India; or in an Indian or international public financial institution.
The Finance Ministry further said that the Financial Sector Regulatory Appointments Search Committee may also make nominations for the post. Also, the Committee may recommend relaxation in the eligibility and qualifications/ experience criteria, in respect of outstanding candidates.
Currently the three RBI Deputy Governors are: R Gandhi, S S Mundra and N S Vishwanathan.