Banking Awareness: MK Jain Appointed as new Dy. RBI governor
MK Jain appointed as New Dy. RBI Governor – Get all the details here
MK Jain appointed as New Dy. RBI Governor
The government of India has appointed MK Jain as the RBI Deputy Governor. The post of RBI deputy Governor has been lying vacant since August 2017. MK Jain has been the MD and CEO of IDBI bank. MK Jain has had a long career in banking and he served in various Management positions in various nationalised banks like IDBI Bank, Indian Bank, Syndicate Bank among others. He is also a member of the Indian Banks Association. MK Jain has more than 30 years of experience in Banking.
The new governor will have to deal with a lot of impending issues related to banking and economics like bad loans, a Prompt corrective action for select banks, bankruptcy, NPA’s and dealing with a fractured and ailing economy. MK Jain is expected to be a negotiator between Urijit Patel and other bankers on all important issues. MR. MK Jain is known for his out of box ideas and is also known as “Turnaround King” owing to his ability to clear debt-ridden Indian Bank within a few days of joining in a leadership role. MK Jain has served as a member of several committees in the banking sector. The title of “Turnaround King” was conferred on him owing to his ability to successfully restructure bad loans. He was then brought to IDBI bank which like Indian bank was in bad shape. He also helped Turn around the fate of IDBI bank to an extent.
The Selection process for Hiring the Dy. governor comprised of interviews only. Nine candidates were selected for the second round of interview after which the committee decided to Hire MK Jain as the Deputy Governor, owing to his reputation of being a “Turnaround King”
According to the act of RBi, a central bank must have four deputy governors, The other three serving Deputy Governors include Viral V Acharya, N S Vishwanathan and B P Kanungo.
MK Jain will hold the office for three years and will draw a salary of Rs. 2.25 lakh per month plus allowances.
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