SBI Managing Director Swaminathan Jankiraman Appointed as RBI Deputy Governor
- ByStartupStory | June 20, 2023
The government has announced the appointment of Swaminathan Jankiraman, Managing Director of State Bank of India (SBI), as the Deputy Governor of the Reserve Bank of India (RBI). The appointment, according to an official notification, is for a period of three years from the date of joining the post or until further order.
The selection process for the RBI Deputy Governor position involved a panel headed by the Cabinet Secretary, which conducted interviews with shortlisted candidates on June 1. The vacancy arose as MK Jain completed his extended tenure as Deputy Governor on Tuesday. As per the RBI Act of 1934, the central bank is required to have four Deputy Governors, including two internal candidates, one commercial banker, and an economist to head the monetary policy department.
The other three current Deputy Governors of RBI are Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar. Deputy Governor appointments are initially made for a period of three years, with the possibility of reappointment. In addition to their responsibilities, Deputy Governors receive a fixed salary of Rs 2.25 lakh per month, along with allowances.
Commenting on the appointment, an official stated, “Swaminathan Jankiraman brings a wealth of experience and expertise from his role as Managing Director of State Bank of India. His appointment as Deputy Governor of RBI will further strengthen the central bank’s leadership and contribute to the formulation of key monetary policies.”
Swaminathan Jankiraman expressed his gratitude for the opportunity, saying, “I am honored to be appointed as the Deputy Governor of the Reserve Bank of India. I look forward to working closely with the esteemed team at RBI and contributing to the development and stability of the Indian economy.”
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