The Appointments Committee of the Cabinet has selected State Bank of India Managing Director Swaminathan Janakiraman for the post of Deputy Governor in the Reserve Bank of India (RBI).

• Mr. Janakiraman’s appointment was notified by the Department of Personnel and Training on Tuesday.
• He would have a tenure of three years from the date of joining, or until further orders, whichever is earlier.
• He will replace Deputy Governor M.K. Jain whose tenure will end this month. Mr. Jain, the former chief of IDBI Bank and Indian Bank, was appointed to the critical RBI role in 2018. Typically, at least one of the central bank’s deputy governors is picked from public sector banks.