The government has appointed a new Deputy Governor of the RBI. Swaminathan Janakiraman is currently the Managing Director of SBI.
Swaminathan Janakiraman, who is currently the Managing Director of the State Bank of India (SBI) will now serve as the Reserve Bank of India (RBI)’s Deputy Governor. The government appointed Swaminathan Janakiraman to the position, on Tuesday, June 20.
He will serve in the position for a 3-year-period from the date of joining the Deputy Governor or until further order. For the post, a Cabinet Secretary-headed panel took interviews of shortlisted candidates on June 1 to replace MK Jain, who completed his extended tenure on Tuesday.
A single post of Deputy Governor has been reserved for a commercial banker. The RBI Act, 1934 requires the central bank to have four deputy governors. Two of these deputy governors are from within the ranks, one commercial banker and an economist to lead the department of monetary policy. M Rajeshwar Rao, Michael Debabrata Patra, and T Rabi Sankar are the other three deputy governors.
The authorities appoint deputy governor for an initial 3-year period, and the person can be reappoined. The deputy governor receives a fixed monthly salary of Rs 2.25 lakh, in addition to allowances.
