The government has appointed Swaminathan Janakiraman, who is currently managing director of State Bank of India, as deputy governor of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet, which is headed by the Prime Minister, has approved the appointment of Swaminathan Janakiraman as one of the deputy governors of the RBI, as per a notification issued by the Secretariat of the Appointments Committee of the Cabinet on Tuesday.
Janakiraman’s appointment is for a period of three years from the date of joining the post or until further orders, whichever is earlier.
Janakiraman is the first SBI managing director in more than two decades to be appointed as the RBI deputy governor. The last SBI managing director who served as RBI deputy governor was Vepa Kamesam. He served as RBI deputy governor from July 2001 to September 2003.
In his new role at the RBI, Janakiraman succeeds Mahesh Kumar Jain, whose tenure ends on June 22. Jain was appointed as the deputy governor of the RBI for three years in June 2018. In June 2021, Jain was re-appointed in the same position for a period of two years. Before joining the RBI, Jain was managing director of IDBI Bank.
The RBI has four deputy governors. Other three are: Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar.