Govt appoints Swaminathan Janakiraman as RBI DG

The government on Tuesday appointed State Bank of India (SBI) managing director Swaminathan Jankiraman as Reserve Bank Deputy Governor (DG).

According to an official notification, the appointment is for a period of three years from the date of joining the post of Deputy Governor or until further order. A Cabinet Secretary-headed panel interviewed shortlisted candidates on June 1 for the post of RBI Deputy Governor in place of MK Jain, completing his extended tenure on Tuesday. One post of Deputy Governor is reserved for a commercial banker.

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According to the RBI Act, 1934, the central bank should have four deputy governors — two from within the ranks, one commercial banker and an economist to head the monetary policy department. The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar. The deputy governor appointments are made for an initial period 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.