RBI Deputy Governor Mahesh Kumar Jain got 2 years extension

The Reserve Bank has extended the tenure of Deputy Governor Mahesh Kumar Jain for two years.

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Jain was appointed as deputy governor for three years in June 2018. Before joining the Reserve Bank of India, he was managing director of IDBI Bank.

The other three serving deputy governors are Michael Patra, M Rajeshwar Rao and T Rabi Sankar.

The Reserve Bank of India was established following the Reserve Bank of India Act of 1934. Though privately owned initially, it was nationalised in 1949 and since then fully owned by the Ministry of Finance, Government of India. It’s Headquarters located in Mumbai.

The primary objective of RBI is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions, and non-banking finance companies.