The union government has appointed SBI managing director Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India (RBI) for a period of three years from the date of joining.

The Appointments Committee of the Cabinet (ACC) today approved Janakiraman’s appointment.

Janakiraman will succeed Mahesh Kumar Jain, whose tenure ends on 22 June. 

As MD of the State Bank of India (SBI), he is in charge of corporate banking and the state-owned bank’s subsidiaries.

Prior to this role, he was responsible for the bank's Assurance functions - Risk Management, Regulatory Compliance and Stressed Assets verticals.

Janakiraman has also handled the finance function for the SBI overseeing budgeting and performance monitoring, capital planning and investor relations. He has been part of the digital transformation journey of the bank as the head of the digital banking vertical.

He has also served as a nominee director of the SBI on the boards of Yes Bank, Jio Payments Bank, and NPCI as well as Bank of Bhutan, an SBI joint venture.

Jain was appointed as a deputy governor in June 2018 for three years. He was re-appointed in June 2021 for a further two-year period.

Jain is in-charge of the department of supervision, financial inclusion and development, consumer education and protection, among others.

The other three deputy governors of the RBI are Michael Debabrata Patra, T Rabi Sankar and Rajeshwar Rao.