M.K. Jain, MD & CEO, IDBI Bank, has been appointed as deputy governor of the Reserve Bank of India. The position has been lying vacant since July 2017 after S.S. Mundra retired from services. Jain, an MBA and FRM (financial risk management) has been at the helm of IDBI Bank since March 2017. Prior to that, he was the chief executive of Indian Bank, where he brought about a turnaround in the bank’s performance and created a strong institutional set-up to implement HR reforms and digitization. Jain’s success at the bank paved the way for him being hand-picked for the top position at IDBI Bank and being assigned the responsibility of making the bank become performing and profitable. A career banker, he started with Punjab National Bank in the mid-1980s and specialized in credit, covering the markets in Haryana, Chandigarh and Himachal Pradesh. In December 1999, he was part of a four-member team that developed a risk management architecture for the bank in association with the Boston Consulting Group.
