The Appointments Committee of the Cabinet (ACC), headed by the Prime Minister approved the appointment of Shri Swaminathan Janakiraman, Managing Director of State Bank of India as the Deputy Governor (DG) of the Reserve Bank of India (RBI), on Tuesday for a term of 3 years from the joining date.
The current Deputy Governor (DG) of RBI, M.K Singh’s term is set to expire in June, after which Shri Swaminathan Janakiraman will be placed in his position at RBI.
For the first time in more than 20 years, a Managing Director of SBI has been appointed as RBI deputy governor. The last SBI Managing Director to be appointed as RBI Deputy Governor was Vepa Kamesam (July 1, 2001 to September 23, 2003).
RBI has four Deputy Governors. Two of them are promoted from within the ranks of the central bank. Among the other two, one is an economist and the other is a commercial banker.
