State Bank of India's (SBI) Managing Director Swaminathan Janakiraman has been chosen to serve as the RBI's deputy governor for the ensuing three years.
Mahesh Kumar Jain's term as managing director of State Bank of India expires on June 22, and Janakiraman, who is currently in that position, will take over.
Many candidates were interviewed for the same post, including Chairman of Union Bank of India Srinivasan Varadarajan; MD and CEO of Bank of Maharashtra AS Rajeev; MD and CEO of UCO Bank Soma Sankara Prasad; MD and CEO of Indian Bank S L Jain; and SBI's Swaminathan Janakiraman.
Among other departments that are now under Jain's control, Janakiraman will probably be in charge of the Department of Supervision and the Department of Financial Inclusion and Development.
The RBI's other deputy governors are T. Rabi Sankar, M. Rajeshwar Rao, and Michael Patra. Patra, who oversees the Monetary Policy Department and serves on the Monetary Policy Committee of the RBI, was reappointed as deputy governor in January for another year. As a result, by the time his tenure expires in mid-January 2024, the government will need to begin seeking for his replacement.
Right now, Janakiraman is in charge of SBI corporate banking and subsidiary verticals at the moment. In his most recent job, he was in charge of the Bank's stressed assets, regulatory compliance, and risk management verticals.
For the Bank, Janakiraman oversaw the financial department's budgeting and performance monitoring, capital planning, and investor relations. As the leader of the vertical for digital banking, he has participated in the Bank's path toward digital transformation.
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