Mumbai, June 4: Mahesh Kumar Jain, currently the CEO and MD of IDBI Bank, has been appointed as the fourth Reserve Bank of India (RBI) deputy governor for three years. He has more than 30 years of banking experience in diverse areas and roles. IDBI Bank had appointed Mahesh Kumar Jain in 2017, and before that, he was the MD & CEO of Indian Bank.

Jain has served on prestigious Boards like Exim Bank, NIBM and IBPS. According to a Moneycontrol report, the appointment comes after almost ten months of his predecessor SS Mundra's term ended. It was lying vacant since long. He holds a post-graduate degree in commerce with an MBA and FRM degree

Rajeev Kumar, Secretary Department of Financial Services (DFS), Ministry of Finance, Government of India also tweeted Jain's appointment.

As per the report, the other banker candidates in the fray were- SBI managing directors B Sriram and PK Gupta, and UCO Bank executive director Charan Singh.

IDBI Bank shares hit a two-week low to Rs 59.70, down 6.3 percent, its lowest since May 21 post its CEO was named as the RBI Deputy governor. The stock however recovered marginally towards the closing bell, and ended in the red. The stock currently stands at Rs 61.05, down 4.16 percent.

(The above story first appeared on LatestLY on Jun 04, 2018 03:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).