Mumbai: The government has appointed Swaminathan Jankiraman, the managing director of the State Bank of India (SBI), as the Deputy Governor of the Reserve Bank of India (RBI), an official notification said.

The appointment is for a three-year period from the date of joining the post, or until further orders.

A panel headed by the Cabinet Secretary conducted interviews with shortlisted candidates on June 1 to fill the position of RBI Deputy Governor, which became vacant with the completion of MK Jain's extended tenure on Tuesday.

As per the provisions of the RBI Act, 1934, the Reserve Bank of India (RBI) is required to have four Deputy Governors.

Among these, one post is reserved for a commercial banker, while the others can be filled from within the ranks of the RBI or by external candidates.

One of the Deputy Governors is designated as the head of the monetary policy department and is typically an economist.

These appointments help ensure a diverse set of expertise and perspectives within the leadership of the central bank.

The salary of the Deputy Governor of the Reserve Bank of India (RBI) consists of a fixed pay of Rs 2.25 lakh plus allowances.