The Prime Minister's Appointments Committee approved the nomination of Swaminathan Janakiraman as deputy governor of the Reserve Bank of India (RBI). A State Bank of India managing director (MD) has been appointed as an RBI deputy governor for the first time in more than 20 years. Vepa Kamesam, the last SBI MD to be appointed as a deputy governor of the RBI, served from July 1, 2001 until September 23, 2003.

Swaminathan, 59, will succeed M K Jain, the deputy governor in charge of supervision, who will finish his second term on June 21. Jain was appointed for the first time in June 2018 for a three-year term. He was reappointed for a second two-year term.

Swaminathan will have a three-year tenure as the deputy governor, from the date from which he takes charge. The Financial Services Regulatory Appointments Search Committee, headed by Cabinet secretary, interviewed candidates for the RBI deputy governor’s post on June 1.

Swaminathan worked for SBI for 33 years, holding numerous positions in corporate and international banking, retail, digital, and finance, among others. He held numerous positions with the country's largest lender, including deputy managing director and chief digital officer. He was also the head of commerce at SBI's New York branch. The Reserve Bank of India has four deputy governors. One is an economist, and the other is a commercial banker. Both were promoted from within.

Jain, the outgoing deputy governor, was a commercial banker who served as MD and CEO of IDBI Bank and Indian Bank.