Government assigns IDBI Bank MD MK Jain RBI deputy governor

5 June 2018: The government on Monday assigned IDBI Bank managing director MK Jain the new deputy governor of Reserve Bank of India (RBI), filling up the post that was earlier vacant since July last year later than SS Mundra’s tenure came to an end. In a tweet, financial services secretary Rajiv Kumar said: “Government appoints experienced banker Mahesh Kumar Jain, MD and CEO of IDBI Bank as deputy governor of RBI for a term of three years.” A search committee, headed by the cabinet secretary, interviewed candidates, including 3 senior bureaucrats, on May 10.
Jain, who has been a croupier for more than three decades now, has been at the triller of affairs at IDBI Bank since March 2017. before that, he administered Indian Bank for two years, having connected the bank as an executive director. Jain also joined as general manager with specified Bank. He started his banking career with Punjab National Bank. He will draw a salary of Rs 2.25 lakh per month, aside 
from allowances.
Currently, the RBI has three deputy governors— NS Vishwanathan, Viral V Acharya and BP Kanungo. The RBI Act set out that the central bank should have four deputy governors. Of them, two are usually from in the ranks (stipulated from executive directors of RBI), one a commercial banker and one an economist.
Jain has been on the boards of Exim Bank and National Institute of Bank Management. He has performed as the secretary and coordinator to Basant Seth Committee on Review & Revamp of Internal & Concurrent Audit System in PSBs.
He was a member of the government constituted a committee on public interest litigation on non-performing assets for submission to Supreme Court and redesigning Annual Performance Appraisal Report of PSB officers. The finance ministry got 37 fresh applications for the post of deputy governor. Aside from Jain, bankers who applied for the post include SBI managing directors B Sriram and PK Gupta; Uco Bank executive director Charan Singh; skill development and entrepreneurship secretary KP Krishnan; NITI Aayog additional secretary Yaduvendra Mathur and Tamil Nadu principal secretary TV Somanathan.