Swaminathan Janakiraman of SBI has been named RBI deputy governor for three years
Swaminathan Janakiraman, managing director of the State Bank of India (SBI), has been appointed as the deputy governor of the Reserve Bank of India (RBI) for a three-year term after receiving clearance from the Appointments Committee of the Cabinet (ACC) on Tuesday.
Mahesh Kumar Jain’s present tenure as Deputy Governor of the RBI is set to expire in June.
Jain was first appointed as deputy governor in June 2018 for a three-year term. In June 2021, she was again appointed for a second two-year term. Jain is in charge of the Department of Supervision, Financial Inclusion and Development, Consumer Education and Protection, among other things.
Rajeshwar Rao, Michael D. Patra, and T. Rabi Sankar are the RBI’s other three deputy governors at the moment. MK Jain was the managing director and CEO of IDBI Bank before taking the position of deputy governor.
The Deputy Governor of the RBI’s role: In order to help the Governor administer and oversee India’s central banking system, the Reserve Bank of India (RBI) Deputy Governor plays a critical function. Within the hierarchy of the RBI, the Deputy Governor has a prominent position and participates in the formulation of many monetary and financial policies.
The duties of the deputy governor of the RBI are varied and include numerous important areas. Monitoring the monetary policy framework and its application is one of the main responsibilities. This entails evaluating inflationary pressures, analysing economic data, and developing the proper monetary policies to preserve price stability and promote sustainable economic development.
The Deputy Governor is crucial to overseeing and governing the financial industry. In order to guarantee the stability, soundness, and effectiveness of banks and financial institutions, they contribute to the creation and application of policies and standards. This involves creating a strong and secure financial system, encouraging financial inclusion, and monitoring and controlling risks related to banking activities.
