The Reserve Bank of India (RBI) logo is displayed outside of the bank’s headquarters in Mumbai, India. (Photographer: Kainaz Amaria/Bloomberg)

RBI Allocates Portfolio To Deputy Governor MK Jain

The newly appointed Deputy Governor of the Reserve Bank of India MK Jain will look after banking divisions, security cell and document management system, among others, the apex bank said.

Jain – a banker – was appointed to the post, which remained vacant for almost an year after the retirement of SS Mundra in July 2017. Effective June 22, 2018, the distribution of portfolios amongst the deputy governors has been reallocated.

“Government appoints experienced banker Mahesh Kumar Jain, managing director and chief executive officer of IDBI Bank, as deputy governor of RBI for a term of three years,” Financial Services Secretary Rajiv Kumar informed earlier this month.

Jain will also look after Rajbhasha department, consumer education, financial inclusion and premises department, the RBI said.

NS Vishwanathan will take care of the co-ordination portfolio, banking regulation, communication, co-operative banking and non-banking regulation, enforcement department and risk monitoring, it added.

Viral Acharya will take care of corporate strategy and budget department, economic and policy research, financial markets operations and regulations, financial stability unit, human resource as well as international department and monetary policy department.

BP Kanungo has been allocated currency management, external investments, government and bank accounts, payment & settlement systems, internal debt management, foreign exchange, and legal department.

Of the four deputy governors in the RBI, two are from within the ranks, while two are outsiders – one from banking industry and the another from an economic background.

Jain, with over 30 years of banking experience, was the MD of IDBI Bank since March 2017. Prior to this, he was appointed as the managing director of Chennai-based Indian Bank in November 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 non-performing assets for submission to the Supreme Court and redesigning Annual Performance Appraisal Report of PSB officers.

Jain will draw a fixed salary of Rs 2.25 lakh per month plus allowances.