Swaminathan Janakiraman, who is currently serving as the Managing Director of State Bank of India (SBI), has been appointed by the Appointments Committee of the Cabinet (ACC) as the Deputy Governor of the Reserve Bank of India (RBI) for a period of three years starting from the date he assumes the post or until further orders. This appointment comes as the five-year term of the current Deputy Governor, MK Jain, is set to expire on June 21, 2023.
Swaminathan brings with him a vast experience of nearly 33 years with SBI, where he has held various positions including Chief Digital Officer and Deputy Managing Director (Finance). During his tenure, he has contributed significantly to different areas such as Corporate and International Banking, Retail and Digital Banking, Finance, Branch Management, and Assurance functions. Additionally, he has also served as the Head of Trade at SBI’s New York Branch.
It is noteworthy that the appointment of an SBI Managing Director as an RBI Deputy Governor is a relatively rare occurrence. The last time this happened was in 2001 when Vepa Kamesam assumed the role and served as Deputy Governor from July 1, 2001, to December 23, 2003.
Currently, the RBI has four Deputy Governors, namely MK Jain, MD Patra, M Rajeshwar, and T Rabi Sankar. With Swaminathan Janakiraman’s appointment, he will join this esteemed group and contribute to the central bank’s important responsibilities and functions.
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