Swaminathan Janakiraman assumes office as RBI Deputy Governor

S Janakiraman served as the Managing Director of the State Bank of India (SBI) and has succeeded MK Jain who retired on June 21, 2023.

Swaminathan Janakiraman assumed the office of Deputy Governor of the Reserve Bank of India on June 26. His appointment was approved by The Appointments Committee of the Cabinet (ACC) last Tuesday.

S Janakiraman served as the Managing Director of the State Bank of India (SBI) and has succeeded MK Jain who retired on June 21, 2023. He will be assigned to the post for three years. Swaminathan Janakiraman holds a vast experience in retail and International banking sectors including trade finance, digital banking and transaction banking products.

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RBI in its press note has stated that Swaminathan Janakiraman has assumed the office with immediate effect and will be handling the following portfolios –

  1. Consumer Education and Protection Department
  2. Department of Supervision
  3. Financial Inclusion and Development Department
  4. Inspection Department
  5.  Premises Department
  6. Rajbhasha Department

Swaminathan has been incharge of corporate banking and subsidiaries in SBI and also served as a nominee director of SBI on the boards of Yes Bank, Jio Payments Bank, NCPI and Bank of Bhutan as well.

RBI has four deputy governors at present Michael D Patra, M Rajeshwar Rao, T Rabi Sarkar and newly appointed Swaminathan Janakiraman.  Out of the four Deputy Governors (DG) three are appointed from within the Central governing bank whereas one is appointed from outside.