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Govt appoints SBI MD Janakiraman as RBI deputy governor with 3-year tenure

First SBI MD to helm for the post in more than 20 years

Swaminathan Janakiraman

Swaminathan Janakiraman, Governor, Reserve Bank of India

BS Reporter Mumbai

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The Appointments Committee of Cabinet headed by Prime Minister on Tuesday approved the appointment of Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India (RBI).

This is for the first time in more than 20 years that a State Bank of India managing director (MD) is appointed as a RBI deputy governor. Vepa Kamesam was the last SBI MD to be appointed as a RBI deputy governor, who served from July 1, 2001, to September 23, 2003.

Fifty-nine-year-old Swaminathan will replace M K Jain, the deputy governor in-charge of supervision, who will complete his second term on June 21. Jain was first appointed in June 2018 for three years. He was reappointed for another two years.

Swaminathan will have a three-year tenure as the deputy governor, from the date from which he takes charge.

The Financial Services Regulatory Appointments Search Committee, headed by Cabinet secretary, interviewed candidates for the RBI deputy governor’s post on June 1.

In a career spanning over 33 years with SBI, Swaminathan held various assignments across corporate and international banking, retail, digital, finance among others. He served the country’s largest lender in various capacities, including deputy managing director and chief digital officer. He also served SBI’s New York branch as head of trade.

The RBI has four deputy governors. While two of them are promoted from within the ranks, one is an economist, and the other is a commercial banker. The outgoing deputy governor, Jain, was a commercial banker who was MD & chief executive officer of IDBI Bank and Indian Bank.

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First Published: Jun 20 2023 | 4:01 PM IST

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