Mundra completed his three-year term as the Managing Director of IDBI Bank last year in July.
“Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank, as Deputy Governor of RBI for a term of three years,” said Rajiv Kumar, Financial Services Secretary.
A selection committee headed by the Cabinet Secretary screened candidates, including three senior bureaucrats, on May 10. The selection panel comprises of the RBI Governor, Financial Services Secretary and some independent members.
Jain comes with 30 years of experience, was appointed as the Managing Director of IDBI Bank, since March 2017. Prior to joining the IDBI Bank, he was working as the MD of Chennai-based Indian Bank.
He was also appointed as the Managing Director of Indian Bank in November 2015. Jain had been associated with several significant committees namely Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in public sector banks.
He served as a member of the government-constituted committee on Public Interest Litigation (PIL) on Non-Performing Assets (NPAs) for submission to the Supreme Court, and redesign of the Annual Performance Appraisal Report of Public Sector Banks (PSBs) officers.