Swaminathan Janakiraman, the current Managing Director of the State Bank of India (SBI), has been appointed as the Deputy Governor of the Reserve Bank of India by the government on Tuesday.
He has been appointed to the post of Deputy Governor for a period of three years from the date of assumption of charge or until further orders. A panel headed by a cabinet secretary interviewed the shortlisted candidates on June 1 for the post of RBI deputy governor in place of MK Jain, who was completing his extended tenure on Tuesday.
One post of deputy governor is reserved for a commercial banker. As per the RBI Act, 1934, the central bank should have four deputy governors – two from within the ranks, a commercial banker and an economist who heads the monetary policy department.
The other three deputy governors are Michael Debabrata Patra, M Rajeswara Rao and T Rabi Shankar. Deputy governor appointments are made for an initial term of three years, and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.
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