IDBI Bank CEO Mahesh Kumar Jain appointed RBI deputy governor

The government has appointed IDBI Bank CEO Mahesh Kumar Jain as the fourth deputy governor of Reserve Bank of India (RBI), filling up a post that had been lying vacant for almost a year.

With nearly 30 years experience as a career banker, Jain will be in charge of RBI’s banking supervisory department which is instrumental in cleaning up the banking system.

Jain, who is also the managing director of IDBI Bank, had previously led Indian Bank for a couple of years, Rajeev Kumar, secretary (financial services department) at the finance ministry, said in a tweet.

The post of RBI deputy governor was vacant since S.S. Mundra retired in August 2017. The government had since conducted two rounds of interviews to find his successor.

State Bank of India (SBI) managing directors B. Shriram and P.K. Gupta, UCO Bank executive director Charan Singh, skill development secretary K.P.Krishnan, Tamil Nadu principal secretary T.V. Somnathan and NITI Aayog’s additional secretary Yaduvendra Mathura were also in the running for the post.

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