Govt appoints SBI MD Swaminathan Janakiraman appointed as RBI’s deputy governor

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Government on Tuesday appointed Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India for three years from the date of joining, according to an order seen by Reuters.

Govt appoints SBI MD Swaminathan Janakiraman appointed as RBI's deputy governor
Govt appoints SBI MD Swaminathan Janakiraman appointed as RBI’s deputy governor

Janakiraman, currently the managing director of State Bank of India, will succeed Mahesh Kumar Jain, whose tenure ends on June 22.

Jain was appointed as a deputy governor in June 2018 for three years. He was re-appointed in June 2021 for a further two-year period.

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Jain is in-charge of the department of supervision, financial inclusion and development, consumer education and protection, among others.

According to the profile update of Swaminathan Janakiraman on LinkedIn, he is a banker with domain expertise in Retail and Corporate Banking, International Banking, Trade Finance, Correspondent Banking & FI products, Digital Banking & Transaction Banking products. He is currently responsible for SBI’s Corporate Banking and Subsidiaries vertical. In the immediately prior assignment, was overseeing Bank’s Risk Management, Regulatory Compliance and Stressed Assets verticals.

Janakiraman handled the Finance function for the SBI overseeing budgeting & performance monitoring, Capital Planning and Investor Relations. He has been part of the Digital Transformation journey of the SBI as the Head of Digital Banking vertical.

As a whole time Director on the Board of State Bank of India, overseeing Corporate Banking and Subsidiaries verticals. Earlier in this role, was responsible for Bank’s Assurance functions – Risk Management, Regulatory Compliance and Stressed Assets verticals. Served as a Nominee Director of SBI on the Boards of Yes Bank, Jio Payments Bank and NPCI as well as Bank of Bhutan, an SBI JV. As the head of Subsidiaries vertical, currently Bank’s nominee director on several non banking subsidiaries of the Bank in the fields of Mutual Fund, Insurance, Investment Banking, Broking, Pension Funds, Private Equity, etc.

Meanwhile, Mahesh Kumar Jain was appointed as a deputy governor in June 2018 for three years. He was re-appointed in June 2021 for a further two-year period.

Jain is in-charge of the department of supervision, financial inclusion and development, consumer education and protection, among others.