A government-appointed panel has selected NS Vishwanathan as a Reserve Bank of India deputy governor, replacing incumbent HR Khan. Vishwanathan is currently an executive director at the RBI, overseeing the banking regulation and non-banking department. He will succeed Khan, who will retire on July 3.

The key departments under Khan are financial markets, external investments and operations, payment and settlements, information technology, foreign exchange and internal debt management. The RBI currently has four deputy governors.

Vishwanathan also served as a Director of Punjab National Bank from September 6, 2012 to May 31, 2013. He also served as Nominee Director at Dena Bank and was also Chief General Manager of Vigilance at IFCI. A search panel headed by cabinet secretary P.K. Sinha interviewed the candidates. RBI Governor Raghuram Rajan was also a member of the panel.

The central bank has four deputy governors two from within the ranks (the other being R Gandhi) and one commercial banker (SS Mundra) and an economist to head the monetary policy department (Urjit Patel, who was given a three-year extension in January after his first three-year term).