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Mahesh Kumar Jain appointed as RBI Deputy Governor

Mahesh Kumar Jain – 4th Dy Guv of RBI

IDBI CEO Mahesh Kumar Jain was been appointed as fourth deputy governor for a three year term, the government announced on Monday.

Mahesh Kumar Jain“Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank as Deputy Governor, RBI for a term of three years,” Rajeev Kumar, financial services secretary said in a twitter post.

Jain has been at the helm at the beleagued IDBI Bank since March 2017 and was previously CEO at Chennai based Indian Bank between November 2015 and March 2017.

The fourth deputy governor’s post has been vacant since SS Mundra retired in July 2017. As per the RBI Act, the central bank should have four deputy governors –– two from within the ranks, a commercial banker and an economist –– to head the monetary policy department.

Jain, who is also the managing director of the state-run lender, had previously led Indian Bank for a couple of years, Rajeev Kumar, secretary, Department of Financial Services at the Ministry of Finance, said in a tweet.

He also served in several banking sector panels including secretary and coordinator to Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in Public sector banks.

He was a member of the government constituted committee on PIL on NPAs for submission to Supreme Court and redesigning Annual Performance Appraisal Report of PSB officers.

Jain will fill the post vacated by S S Mundra, who had completed his three-year term in July last year.

Other serving Deputy Governors are Viral V Acharya, N S Vishwanathan and B P Kanungo.

A search panel headed by the Cabinet Secretary interviewed candidates, including three senior bureaucrats, on May 10. The search panel also includes RBI Governor, Financial Services Secretary and some independent members.

Courtesy : The Times of India, The Economic Times

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