Govt appoints IDBI Bank MD & CEO Mahesh Kumar Jain as RBI deputy governor

Mahesh Kumar Jain has been appointed to the position of deputy governor at the RBI for a period of 3 years.

The government has appointed Mahesh Kumar Jain, managing director and chief executive officer of IDBI Bank as a deputy governor at the Reserve Bank of India, a finance ministry official tweeted.

With more than 30 years of experience in banking, Jain has been at the helm of IDBI Bank since March 2017. (Bloomberg)

Rajeev Kumar, secretary, Department of Financial Services (DFS) announced that Jain has been appointed to the position of deputy governor for a period of 3 years.

With more than 30 years of experience in banking, Jain has been at the helm of IDBI Bank since March 2017.

The RBI already has three deputy governors under Urjit Patel -- BP Kanungo, Viral V. Acharya, and NS Vishwanathan. Jain will be the fourth.

MK Jain replaces SS Mundra, whose three-year term expired in July last year. As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and another an economist to head the monetary policy department.

A search panel headed by the cabinet secretary had interviewed candidates for the role, including three senior bureaucrats, on May 10. The search panel also included RBI governor, financial services secretary and some independent members.

-- With PTI inputs