M K Jain is new RBI Dy Governor

Source: The Hitavada      Date: 05 Jun 2018 08:50:24



THE Government on Monday appointed IDBI Bank managing director M K Jain as Deputy Governor of RBI in place of S S Mundra, who had completed his three-year term in July last year.

“Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank as Deputy Governor of RBI for a term of three years,” said Financial Services Secretary Rajiv Kumar in a tweet. 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. Jain, with 30 years of banking experience, has been MD of IDBI Bank since March 2017. Prior to this, he was MD of Chennai based Indian Bank. He was appointed MD of Indian Bank in 2015. 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 SC and redesigning Annual Performance Appraisal Report of PSB officers.