The current State Bank of India (SBI) Managing Director Swaminathan Janakiraman has been appointed as the Deputy Governor of the Reserve Bank of India by the government on Tuesday.
He is appointed to the post for a period of three years from the date he joined the post of Deputy Governor or until further order is made. A panel headed by the Cabinet Secretary interviewed short-listed candidates on June 1 for the post of Deputy Governor of the RBI to replace MK Jain, and concluded its long tenure on Tuesday.
One post of Deputy Governor is reserved for a commercial banker. According to the RBI Act, 1934, the central bank should have four deputy governors — two from the ranks, one commercial banker and an economist heading the monetary policy department.
The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar. Deputy governor appointments are made for an initial period of three years, and the person is eligible for re-appointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.
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