Centre appoints Swaminathan Janakiraman as RBI deputy governor

New Delhi: The government appointed State Bank of India (SBI) managing director Swaminathan Janakiraman as the deputy governor of the Reserve Bank of India (RBI).

The Appointments Committee of Cabinet (ACC) on Tuesday approved his appointment. Janakiraman’s appointment was notified by the Department of Personnel and Training on Tuesday.

He will hold the post for a period of three years from the date of joining or until further orders, whichever is earlier.

Janakiraman will replace Deputy Governor Mahesh Kumar Jain whose tenure will end this month on 22. Jain, the former chief of IDBI Bank and Indian Bank, was appointed to the critical RBI role in 2018.

Janakiraman has also served as a nominee director of the SBI on the boards of Yes Bank, Jio Payments Bank, and NPCI as well as Bank of Bhutan, an SBI JV.

Prior to the role of the managing director of the SBI, he was responsible for Bank's Assurance functions - Risk Management, Regulatory Compliance, and Stressed Assets verticals.

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