SBI's Swaminathan Janakiraman appointed as RBI deputy governor for 3 years

The Appointments Committee of the Cabinet (ACC) has on Tuesday approved appointment of SBI managing director Swaminathan Janakiraman to the post of deputy governor of Reserve Bank of India for a period of three years.

Current RBI DG Mahesh Kumar Jain's term is set to expire in June.

Jain was appointed as a deputy governor in June 2018 for three years. He was re-appointed in June 2021 for a further two-year period.

Jain is in-charge of the department of supervision, financial inclusion and development, consumer education and protection, among others.

Currently, the other three deputy governors of the RBI are Michael D Patra, T Rabi Sankar and Rajeshwar Rao. MK Jain had served as the managing director and chief executive officer of IDBI Bank before being appointed as the deputy governor of the Reserve Bank Of India. Before joining IDBI Bank, he headed Indian Bank.

The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.