Govt Appoints Swaminathan Janakiraman As RBI Deputy Governor

The government has appointed Swaminathan Janakiraman as the new Deputy Governor of the Reserve Bank of India (RBI). The appointment was made official on Tuesday and is effective for a term of three years from the date of Janakiraman's joining, according to a Reuters report.

Janakiraman, who currently serves as the Managing Director of State Bank of India (SBI), will succeed Mahesh Kumar Jain, whose tenure as Deputy Governor is set to conclude on 22 June. Jain had been appointed to the role in June 2018 for a three-year term and was subsequently re-appointed in June 2021 for an additional two-year period.

At the RBI, Mahesh Kumar Jain has been responsible for overseeing various crucial portfolios, including the department of supervision, financial inclusion and development, consumer education, and protection, among others. As the Deputy Governor, Jain has played a vital role in shaping and implementing policies pertaining to these areas.

The appointment of Swaminathan Janakiraman is anticipated to bring new perspectives and expertise to the RBI's leadership. With his experience as the Managing Director of SBI, one of India's largest public sector banks, Janakiraman brings a wealth of knowledge and insights to his new role. His appointment is expected to contribute to the ongoing efforts of the RBI in maintaining financial stability, fostering economic growth, and ensuring consumer protection within the Indian financial system.