Swaminathan Janakiraman has been named as the new Deputy Governor of RBI

• Swaminathan Janakiraman has been appointed as the new Deputy Governor of the Reserve Bank of India (RBI) by the Government of India.
• Swaminathan Janakiraman will replace Mahesh Kumar Jain, whose term ends on June 22.
• Janakiraman is currently the Managing Director in State Bank of India (SBI).
• He has served as a nominee director of SBI on the boards of Yes Bank, Jio Payments Bank and NPCI.
• He has also representedSBI as a director in Bank of Bhutan, a joint venture with SBI.

Reserve Bank of India

• It was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
• Sir Osborne Smith was made the first Governor of RBI.
• The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
• It was nationalized in 1949 and now theGovernment of India owns the RBI.
• It has the power to regulate banks under the Banking Regulation Act 1949.
• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.