The present Managing Director of the State Bank of India (SBI) Swaminathan Janakiraman has been appointed as the Deputy Governor of the Reserve Bank of India by the federal government on Tuesday.
He has been appointed to the place for a interval of three years from the date of becoming a member of the put up of Deputy Governor or till additional order. A Cabinet Secretary-headed panel interviewed shortlisted candidates on June 1 for the put up of RBI Deputy Governor instead of MK Jain, finishing his prolonged tenure on Tuesday.
One put up of Deputy Governor is reserved for a industrial banker. According to the RBI Act, 1934, the central financial institution ought to have 4 deputy governors — two from throughout the ranks, one industrial banker and an economist to go the financial coverage division.
The different three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar. The deputy governor appointments are made for an preliminary interval of three years, and the particular person is eligible for reappointment. The deputy governor will get a hard and fast wage of Rs 2.25 lakh monthly plus allowances.
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