Agencies
IDBI CEO Mukesh Kumar Jain was been appointed as fourth deputy governor for a three year term, the government announced on Monday.
“Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank as Deputy Governor, RBI for a term of three years,” Rajeev Kumar, financial services secretary said in a twitter post.
Jain has been at the helm at the beleagued IDBI Bank since March 2017 and was previously CEO at Chennai based Indian Bank between November 2015 and March 2017.
The fourth deputy governor’s post has been vacant since SS Mundra retired in July 2017. As per the RBI Act, the central bank should have four deputy governors –– two from within the ranks, a commercial banker and an economist –– to head the monetary policy department.
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