The current Managing Director of the State Bank of India (SBI) Swaminathan Janakiraman has been appointed as the Deputy Governor of the Reserve Bank of India by the government on Tuesday.
He has been appointed to the position for a period of three years from the date of joining the post of Deputy Governor or until further order. A Cabinet Secretary-headed panel interviewed shortlisted candidates on June 1 for the post of RBI Deputy Governor in place of MK Jain, completing his extended 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 within the ranks, one commercial banker and an economist to head the monetary policy department.
The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar. The deputy governor appointments are made for an initial period of three years, and the person is eligible for reappointment. The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.