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Last Updated : Jun 22, 2018 10:01 PM IST | Source: PTI

RBI allocates portfolio to deputy Governor M K Jain

Effective June 22, 2018, the distribution of portfolios amongst the deputy governors has been reallocated.

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The newly appointed RBI Deputy Governor M K Jain will look after banking divisions, security cell and document management system, among others, the apex bank said. Jain - a banker - was appointed to the post, which remained vacant for almost an year after the retirement of S S Mundra in July 2017.

Effective June 22, 2018, the distribution of portfolios amongst the deputy governors has been reallocated.

"Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank, as Deputy Governor of RBI for a term of three years,” Financial Services Secretary Rajiv Kumar has informed earlier this month.


Jain will also look after Rajbhasha department, consumer eduction, financial inclusion and premises department, the RBI said.

N S Vishwanathan will take care of the co-ordination portfolio, banking regulation, communication, co-operative banking and non-banking regulation, enforcement department and risk monitoring, it added.

Viral V Acharya will take care corporate strategy and budget department, economic and policy research, financial markets operations and regulations, financial stability unit, human resource as well as international department and monetary policy department.

While B P Kanungo has been allocated currency management, external investments, government and bank accounts, payment & settlement systems, internal debt management, foreign exchange, and legal department.

Of the four deputy governors in the RBI, two are from within the ranks, while two are outsiders -- one from banking industry and the another of an economic background.

Jain, with over 30 years of banking experience, was the MD of IDBI Bank since March 2017. Prior to this, he was appointed as the managing director of Chennai-based Indian Bank in November 2015.

He also served in several banking sector panels, including secretary and coordinator to Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in Public sector banks.

He was a member of the government constituted committee on PIL on non-performing assets for submission to the Supreme Court and redesigning Annual Performance Appraisal Report of PSB officers.

Jain will draw a fixed salary of Rs 2.25 lakh per month plus allowances.
First Published on Jun 22, 2018 09:55 pm