Govt appoints IDBI Bank CEO Mahesh Jain as RBI deputy governor

The government on Monday appointed IDBI Bank Ltd Chief Executive Officer Mahesh Kumar Jain as a deputy governor of the Reserve Bank of India (RBI) for three years.

Rajeev Kumar, secretary, Department of Financial Services (DFS) announced that Jain has been appointed to the position of deputy governor for a period of 3 years.

The RBI already has three deputy governors under Urjit Patel -- BP Kanungo, Viral V. Acharya, and NS Vishwanathan. Jain will be the fourth.

The appointment comes after nearly ten months of his predecessor SS Mundra's term ended.

Jain has been the managing director and chief executive officer of IDBI Bank Ltd. since April 2017.

Jain has also served on several banking sector committees and involved in risk management efforts at an industry level.

He has also been a member of the Indian Banks' Association (IBA) committee on risk management, committee on PIL on NPAs for submission to Supreme Court and redesigning annual performance appraisal reports of public sector bank officers.