“The Memorandum of Understanding (MoU) establishes a framework for the Bank of England to place reliance on the Reserve Bank of India's (RBI) regulatory and supervisory activities while safeguarding UK's financial stability," the RBI said in a statement.
Mahesh Kumar Jain, MD and CEO of IDBI Bank, was appointed the deputy Governor of the Reserve Bank of India (RBI) on Monday for a term of three years.
Jain replaces RBI deputy Governor SS Mundra who retired in July 2017 at the end of his three-year term.
The newly appointed deputy Governor served as an executive director of the Indian Bank from September 2013 to April 2017, when he joined IDBI.
Jain has an excellent track record in management of Indian banks and has previously served with Syndicate Bank and Punjab National Bank, where he began his career.
According to reports, Jain was a member of the Steering Committee on Risk Management of Indian Bank’s Association (IBA) and a Member of the IBA working group on Risk Management and implementation of Basel II and III.
Jain is a member of the IBA managing committee representing public sector banks.
The newly-appointed deputy Governor was also the Secretary and Coordinator to Basant Seth Committee on Review and Revamp of Internal and Concurrent Audit System in PSBs.
Jain is a qualified M.Com, MBA, CAIIB, CFA and FRM and has handled key portfolios such as Corporate and Retail Credit, Risk Management, Technology Management, Banking Operations Department, etc.
In February 2018, the Finance Ministry had reportedly invited applications from eligible candidates for the post of deputy governor stating that the applicants should have an understanding of bankruptcy, restructuring, turn around and overseeing risk management functions in a large financial institution.