Govt. Appoints SBI MD Swaminathan Janakiraman As RBI Deputy Governor For 3 Years

On Tuesday, June 20, 2023, the Appointments Committee of the Cabinet (ACC) approved the appointment of SBI Managing Director (MD) Swaminathan Janakiraman as the Reserve Bank Of India (RBI) deputy governor for a period of three years.

Janakiraman, currently the managing director of the State Bank of India (SBI), will succeed Current RBI DG Mahesh Kumar Jain, whose tenure ends on June 22.

Current RBI Deputy Governior Mahesh Kumar Jain's term is set to end in June.

In June 2018, Jain was appointed as a deputy governor for three years. He was reappointed in June 2021 for an additional two years. Jain is in charge of several departments, including consumer education and protection, financial inclusion and development of supervision.

Prior to being named the Reserve Bank of India's deputy governor, MK Jain held the positions of managing director and managing director of IDBI Bank. He was the CEO of Indian Bank before joining IDBI Bank.