Mahesh Kumar Jain, MD, and CEO of IDBI bank has been elected the Deputy Governor for Reserve Bank of India for three years. Rajeeve Kumar, the secretary of Department of Financial Services tweeted about the appointment of Mahesh. Mahesh has thirty years of experience and has served in several boards like Exim Bank, NIBM, IBPS. He has also served in a variety of Banking committees, including, Secretary and Cooridnator to Basant Seth Committee on Review and Revamp of Internal Concurrent Audit System in Public sector banks, Member on the government constituted committees on PIL on NPA’s for submission to supreme court and redesigning Annual performance appraisal of PSB officers.
Mahesh has been appointed ten months after the end of term for SS Mundra. The interviews for the post were held in July 29 2017, but the government took the decision of starting the process of the appointment again. The term will last for three months, and Mahesh is eligible for a reelection back to the post.
The Deputy Governor of RBI is paid a hefty amount of Rs 2.25 lakh per month as salary, in addition to other allowances. Jain, in the term of his employment at the IDBI bank, had been busy in trying to scrub the balance sheet of the company. Before he worked at the IDBI bank, Mahesh was also been employed at the government owned, Indian Bank. And before that he had been employed by the Syndicate bank. Deputy Governors are Viral V Acharya, N S Vishwanathan and B P Kanungo are the other Deputy Governors for the Reserve Bank of India. The RBI act maintains that the four governors should have the following posts, two from within the ranks of the company, one commercial banker and another who can work as the economist to head the monetary policy department.
— Rajeev kumar (@rajeevkumr) June 4, 2018