M.K Jain appointed as new Deputy Governor of RBI

Mahesh Kumar Jain, who is currently MD & CEO of IDBI Bank, has been appointed as the fourth deputy governor Deputy Governor of the Reserve Bank of India for a period of three years. The post was lying vacant since the retirement of S.S. Mundra in August 2017. With more than 30 years of experience in banking, Jain has been at the helm of IDBI Bank since March 2017. As per the RBI Act, the central bank should have four deputy governors – two from within the ranks and one commercial banker and another an economist to head the monetary policy department. The other deputy governors at RBI are Viral Acharya, B.P. Kanungo and N.S. Vishwanathan.