On Tuesday, the Appointments Committee of the Cabinet (ACC) approved the appointment of Swaminathan Janakiraman, the managing director of State Bank of India (SBI), as the deputy governor of the Reserve Bank of India (RBI). His term will last for three years.
The current deputy governor of RBI, Mahesh Kumar Jain, is nearing the end of his term in June. Jain was initially appointed as a deputy governor in June 2018 for a three-year period and was re-appointed in June 2021 for an additional two years.
Jain currently holds responsibilities for various departments, including supervision, financial inclusion and development, consumer education and protection, among others. The other three deputy governors of RBI are Michael D Patra, T Rabi Sankar, and Rajeshwar Rao. Prior to his role as deputy governor, MK Jain served as the managing director and CEO of IDBI Bank and had also held a leadership position at Indian Bank.
As a deputy governor, Janakiraman will receive a fixed salary of Rs 2.25 lakh per month along with allowances.