ACC clears SBI MD Swaminathan J’s appointment as RBI Deputy Governor

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The Cabinet Appointments Committee (ACC) has approved the appointment of Swaminathan Janakraman, Director of Mananging, State Bank of India, as Deputy Governor of the Reserve Bank of India.

Appointment for a period of three years from the date of joining the position or until other orders.

The five-year term of the current Lieutenant Governor, MK Jane, expires on June 21, 2023.

Professional life

In a career spanning more than 33 years with SBI, Swaminathan has handled various assignments across corporate and international banking, retail and digital banking, finance, branch management and assurance functions.

He served on the SBI in various capacities including Deputy General Manager (Finance) and Chief Digital Officer. He also worked in a branch of the Bank of New York as Head of Commerce.

The last time an Executive Director of the SBI was appointed as Deputy Governor of the Reserve Bank of India was in 2001. Then Viba Kamsam was appointed as Deputy Governor from 1 July 2001 to 23 December 2003.

RBI currently has four MPs – MK Jain, MD Patra, M Rajeshwar and T Rabi Sankar.