MUMBAI: Former IDBI Bank MD and Chief Executive M.K Jain was on Monday appointed a new Deputy Governor of the Reserve Bank of India (RBI) for a period of three years, an official statement said.

The appointment was made by the Financial Sector Regulatory Appointment Search Committee, which includes the Reserve Bank of India (RBI) Governor, the Financial Services Secretary, besides other independent members.

The post of one of the Deputy Governors at the Central bank fell vacant after the retirement of S.S. Mundra on July 31, 2017.

Jain has been at his current post at state-run IDBI Bank since April 2017 and has previously served as the Chief Executive of Indian Bank. A career banker, he has also been a member of the Indian Banks' Association Committee on risk management.

The government had advertised for the post of RBI Deputy Governor in January this year and as many as 40 applications had been received in response, according to sources.