SBI MD Swaminathan Janakiraman appointed as Reserve Bank of India Deputy Governor

Union government on Tuesday appointed Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India for three years from the date of joining, according to an order seen by Reuters. Janakiraman, currently the managing director of State Bank of India, will succeed Mahesh Kumar Jain, whose tenure ends on June 22. The Union Government had earlier interviewed candidates for the post of RBI deputy governor to replace Jain.

The candidates who were interviewed included Srinivasan Varadarajan, Union Bank of India's chairman; AS Rajeev, Bank of Maharashtra's managing director and chief executive officer; Soma Sankara Prasad, MD and CEO of UCO Bank; S L Jain, MD and CEO of Indian Bank, and Swaminathan Janakiraman of SBI. A panel consisting of RBI Governor Shaktikanta Das, cabinet secretary, financial services secretary, and the chief economic advisor interviewed the candidates. Janakiraman will likely handle the Department of Supervision and Financial Inclusion and Development Department, among others, that are currently under the purview of Jain.The other deputy governors of the RBI are Michael Patra, M. Rajeshwar Rao, and T Rabi Sankar. Meanwhile, Rajeshwar Rao was appointed as deputy governor for three years in October 2020. Rabi Sankar took charge in May 2021.