Mr. Mahesh Kumar Jain, the MD and CEO of IDBI bank, has recently been appointed as the fourth deputy governor of the Reserve Bank of India (RBI). He will be serving a three-year term and is eligible for reappointment. The appointment was made after receiving approval from the Appointments Committee of the Cabinet. The post of deputy governor of the RBI has been vacant for nearly 10 months after Mr. SS Mudra’s term came to an end in 2017.
The Reserve Bank of India currently has three deputy governors – Viral V Acharya, BP Kanungo, and NS Vishwanathan. The central bank is required to have 4 deputy governors, by law. Two of these governors are required to be from within the RBI (usually selected from executive directors of the central bank), one is required to be an economist, and the other a commercial banker.
Mr. Jain, who has been employed in the banking sector for over 30 years, began his banking career with Punjab National Bank. He has been employed with IDBI Bank since March 2017, and has worked with Indian Bank and Syndicate Bank in the past. He has been a board member of the National Institute of Bank Management and the Exim Bank. Further, he also served as the Secretary and Coordinator to the Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in public sector banks.
The Finance Ministry of India received several applications for the post of the fourth deputy governor of the RBI. Apart from Mr. Jain, other candidates that had applied for the post were managing directors from the State Bank of India and the executive director of UCO Bank, among others.