The Union government appointed Swaminathan Janakiraman as deputy governor of the Reserve Bank of India on Tuesday for a three-year term, reported Reuters. Janakiraman, the current managing director of State Bank of India, will take over for Mahesh Kumar Jain, whose term expires on June 22.
Mahesh Kumar Jain was appointed as the vice governor for three years in June 2018. He was reappointed for a two-year term in June 2021. Jain was in charge of the department of oversight, financial inclusion and development, consumer education and protection, and so on.
Swaminathan Janakiraman is a banker with domain knowledge in retail and corporate banking, international banking, trade finance, correspondent banking, and FI products, digital banking, and transaction banking products. He was currently in charge of the corporate banking and subsidiaries vertical at SBI. Prior to this position, he was in charge of the bank’s risk management, regulatory compliance, and stressed assets verticals.
Janakiraman was in charge of the SBI’s Finance function, which included budgeting and performance monitoring, capital planning, and investor relations. As the Head of Digital Banking, he has been a part of the SBI’s Digital Transformation journey.