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The Centre has appointed MK Jain, Managing Director and CEO of IDBI Bank, as the RBI’s Deputy Governor.
Jain will fill a position that had been lying vacant since August 2017 after the retirement of SS Mundra.
With the appointment of Jain, the Centre has stuck to the tradition of having a commercial banker occupy this post of RBI Deputy Governor (reserved for bankers). The central bank now has four serving RBI Deputy Governors.
Jain has been appointed for a term of three years, Financial Services Secretary, Rajeev Kumar, tweeted on Monday.
It may be recalled that a first round of interview held after Mundra’s retirement did not lead to any appointment. The government had gone in for second round of interviews. Of the forty applicants, about five were shortlisted, including two serving bureaucrats.
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