NEW DELHI: On Tuesday, the Appointments Committee of the Cabinet (ACC) granted approval for the appointment of Swaminathan Janakiraman, the managing director of the State Bank of India (SBI), as the deputy governor of the Reserve Bank of India (RBI) for a duration of three years.

The current term of Mahesh Kumar Jain, the current RBI Deputy Governor, is scheduled to conclude in June. 

Jain assumed the role of deputy governor in June 2018 for a three-year period and was subsequently reappointed for an additional two years in June 2021. Among his responsibilities, Jain oversees the Department of Supervision, financial inclusion and Development, consumer education, and Protection. 

The remaining three deputy governors of the RBI at present are Michael D Patra, T Rabi Sankar, and Rajeshwar Rao. Prior to his tenure as deputy governor, MK Jain served as the managing director and chief executive officer of IDBI Bank.

The Role Of Rbi Deputy Governor: The role of the Reserve Bank of India (RBI) Deputy Governor is crucial in assisting the Governor in the management and regulation of India's central banking system. The Deputy Governor holds a high-ranking position within the RBI's hierarchy and contributes to the decision-making process on various monetary and financial policies.

The responsibilities of the RBI Deputy Governor are diverse and encompass several key areas. One of the primary roles is overseeing the monetary policy framework and its implementation. This involves analyzing economic  indicators, assessing inflationary pressures, and formulating appropriate monetary measures to maintain price stability and support sustainable economic growth.

The Deputy Governor plays a significant role in supervising and regulating the banking sector. They contribute to the development and implementation of policies and guidelines to ensure the stability, soundness, and efficiency of banks and financial institutions. This includes monitoring and managing risks associated with banking operations, promoting financial inclusion, and fostering a robust and secure financial system.

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