Experts say that all three hold rich experience and are suitable for the position.
For instance, Goyal is also an independent director at Edelweiss Financial Services, IDBI Bank and SBI General Insurance. She was also a visiting fellow at the Economic Growth Centre at Yale University, USA.
Bhide, also serves as a member of Board of Governors of the Institute for Social and Economic Change in Bangalore. His research covered a number of areas in agriculture, macroeconomics modelling and socio-economic issues. Jayanth Varma is into wide research work in the area of financial markets including currency and derivatives. He is also interested in broader issues related to the financial sector as also in mathematical modelling and computer simulation.
The six person MPC was without three external members after their term expired last month. According to the rules, the rate-setting committee requires at least four members to be present at a meeting.
While the search committee, headed by Cabinet Secretary Rajiv Gauba, has zeroed in on the candidates and recommended them to the government, the appointment process was delayed as certain processes, such as security clearances of some members, had not completed on time.
The search committee includes RBI Governor Shaktikanta Das
or a deputy governor representing him, NITI Aayog Vice-Chairman Rajiv Kumar, and Economic Affairs Secretary Tarun Bajaj.