Swaminathan Janakiraman named as new deputy governor of RBI
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Swaminathan Janakiraman has been appointed as the new Deputy Governor of the Reserve Bank of India (RBI) by the Government of India.
An Overview of the News
Swaminathan Janakiraman will replace Mahesh Kumar Jain, whose term ends on June 22.
Janakiraman is currently the Managing Director in State Bank of India (SBI).
He has served as a nominee director of SBI on the boards of Yes Bank, Jio Payments Bank and NPCI.
He has also represented SBI as a director in Bank of Bhutan, a joint venture with SBI.
About Reserve Bank of India
It was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
Sir Osborne Smith was made the first Governor of RBI.
The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
It was nationalized in 1949 and now the Government of India owns the RBI.
It has the power to regulate banks under the Banking Regulation Act 1949.
It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.
Headquarters: Mumbai
Governor: Shaktikanta Das
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