New Delhi : The Modi government at the Center on Tuesday appointed Swaminathan Janakiraman, Managing Director of the State Bank of India (SBI), as the Deputy Governor of the Reserve Bank of India (RBI). According to an official notification, his appointment as deputy governor is for three years from the date of assuming charge or until further orders. Janakiraman will replace RBI Deputy Governor Blitz Jain, whose extended tenure ended on Tuesday.
One post of deputy governor is reserved for a commercial banker. A committee headed by the cabinet secretary conducted the interview for the post of RBI deputy governor on June 1. The three other deputy governors of RBI are Michael Debabrata Patra, M Rajeshwar Rao and T Ravi Shankar.
According to media reports, Swaminathan Janakiraman, who has been appointed as the Deputy Governor of RBI, is currently the Managing Director of State Bank of India and is responsible for the bank’s corporate banking and subsidiaries. Prior to this role, he was responsible for the bank’s assurance functions – risk management, regulatory compliance, and stressed assets verticals.
According to his LinkedIn profile, Swaminathan Janakiraman is a banker with domain expertise in retail and corporate banking, international banking, trade finance, correspondent banking and FI products, digital banking and transaction banking products. Janakiraman has also handled the finance function for SBI, overseeing budget and performance monitoring, capital planning and investor relations.
Eight candidates interviewed for the post of RBI Deputy Governor
Swaminathan Janakiraman has been part of the digital transformation journey of the bank as head of the digital banking vertical. He has also served as a nominee director of SBI on the boards of Yes Bank, Jio Payments Bank, and NPCI as well as Bank of Bhutan, an SBI JV.