Govt appoints SBI MD Janakiraman as RBI DG

The Appointments Committee of the Cabinet (ACC) on Tuesday approved the appointment of State Bank of India’s (SBI) Managing Director Swaminathan Janakiraman to the post of Deputy Governor (DG) of the Reserve Bank of lndia (RBI) for a period of three years. He will succeed M K Jain, who will retire on June 21, 2023.

At SBI, Swaminathan is in charge of corporate banking and subsidiaries. He has vast experience in the areas of retail and international banking, trade finance, digital banking and transaction banking products.

He also served as a nominee director of SBI on the boards of Yes Bank, Jio Payments Bank and NPCI as well as Bank of Bhutan, an SBI joint venture. RBI has four Deputy Governors- three are from within the RBI and one is from outside the central bank.

Apart from Jain, the three Deputy Governors of the RBI at present are – Michael D Patra, M Rajeshwar Rao and T Rabi Sankar.

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Jain was appointed as the RBI Deputy Governor in June 2018 for three years. In June 2021, he was re-appointed as DG for a period of two years.