Who is M K Jain? Know all about RBI Governor Urjit Patel’s newest deputy

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Updated: June 4, 2018 2:59:54 PM

The government on Monday appointed experienced banker Mahesh Kumar Jain as the deputy governor of Reserve Bank of India.

MK Jain has also served on several banking sector committees. (Photo: EXIM Bank)

The government on Monday appointed experienced banker Mahesh Kumar Jain as the deputy governor of Reserve Bank of India. Mahesh Kumar Jain has been appointed for a period of three years. He has been the CEO and MD of IDBI Bank since April 2017. The position was lying vacant since August last year. Mahesh Kumar Jain also served as MD and CEO of Indian Bank from November 2015 to March 2017. Mahesh Kumar Jain has over thirty years of banking experience in diverse areas and roles. Jain has also served on the several boards including Exim Bank, NIBM, IBPS and others.

A post-graduate in commerce with an MBA and FRM degree, Jain has also served on several banking sector committees such as: Secretary and Coordinator to Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in Public Sector Banks (PSBs); Member on the Government-constituted committees on PIL on NPAs for submission to Supreme Court and redesigning Annual Performance Appraisal Reports of PSB officers.

Earlier, Secretary in Department of Financial Services, Rajiv Kumar tweeted: “Govt. appoints experienced banker Mahesh Kumar Jain , MD & CEO of IDBI Bank as Dy. Governor, RBI for a term of three years.”

The RBI’s deputy governor post fell vacant after SS Mundra retired at the end of July last year. After that government sought applications for the same post. The government chose to look at a wider set of candidates moving away from tradition of appointing a career public sector banker to the post.

The other candidates called for interview other than Mahesh Kumar Jain on May 10 as per PTI report included: Charan Singh, Executive Director, UCO Bank, SBI managing directors B Sriram and PK Gupta, KP Krishnan, Secretary of Skill Development and Entrepreneurship, Yaduvendra Mathur, Additional Secretary, NITI Aayog and TV Somanathan, Principal Secretary in Tamil Nadu.

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