He will replace Deputy Governor MK Jain whose term ends this month. (For representation purposes only) | Photo credit: Vijay Soneji

The Cabinet Nominations Committee has chosen State Bank of India Chief Executive Swaminathan Janakiraman for the post of Deputy Governor of the Reserve Bank of India (RBI).

Mr Janakiraman’s appointment was notified by the Personnel and Training Department on Tuesday. He would serve for three years from the date of joining, or until new orders, whichever comes first.

He will replace Deputy Governor MK Jain whose term ends this month. Mr Jain, the former head of IDBI Bank and Indian Bank, was appointed to the critical post of RBI in 2018. Typically, at least one of the central bank’s deputy governors is chosen from among the banks in the public sector.