Swaminathan Janakiraman named as new deputy governor of RBI

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Swaminathan-JanakiramanSwaminathan 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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