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June 04, 2018

Meet the new Deputy Governor of RBI - Mahesh Kumar Jain

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The government today appointed Mahesh Kumar Jain as the new Deputy Governor of the Reserve Bank of India (RBI) for a period of 3 years. MK Jain replaces SS Mundra, whose three-year term expired in July last year. The deputy governor will draw a fixed salary of Rs 2.25 lakh per month plus allowances.

A post-graduate in commerce with an MBA and FRM degree, Jain has an experience of over 30 years in the banking sector. He has been working as the MD & CEO of IDBI Bank since April 2017. He also served as MD and CEO of Indian Bank from November 2015 to March 2017.

He has also been a member of the Indian Banks’ Association (IBA) committee on risk management, committee on PIL on NPAs for submission to Supreme Court and redesigning annual performance appraisal reports of public sector bank officers. He began his banking career with Punjab National Bank.

Important Note : Mr. Jain will be the 4th Deputy Governor of RBI. As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and another an economist to head the monetary policy department.

Governor of RBI : Dr. Urjit R. Patel

Deputy Governors of RBI :
  • N. S. Vishwanathan (appointed on 4th July 2016)
  • Viral V. Acharya (appointed on 23rd January 2017)
  • B. P. Kanungo (appointed on 3rd April 2017)
  • M. K. Jain (appointed on 4th June 2018)
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