The government on Tuesday appointed State Bank of India (SBI) managing director Swaminathan Jankiraman as Reserve Bank Deputy Governor (DG).
According to an official notification, the appointment is for a period of three years from the date of joining the post of Deputy Governor or until further order.
A Cabinet Secretary-headed panel interviewed shortlisted candidates on June 1 for the post of RBI Deputy Governor in place of MK Jain, completing his extended tenure on Tuesday.
One post of Deputy Governor is reserved for a commercial banker.
According to the RBI Act, 1934, the central bank should have four deputy governors -- two from within the ranks, one commercial banker and an economist to head the monetary policy department.
The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar.
The deputy governor appointments are made for an initial period of three years, and the person is eligible for reappointment.
The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.