Shri S. S. Mundra took over as the Deputy Governor of the Reserve Bank of India (RBI) today. The Government of India vide its notification dated July 30, 2014 has appointed him as the Deputy Governor of the Reserve Bank of India, for a period of three years from the date of his taking over, i.e., July 31, 2014 or until further orders, whichever is earlier. Prior to joining the Reserve Bank, Shri Mundra was Chairman and Managing Director, Bank of Baroda, the second largest bank in the country.

As Deputy Governor, Shri Mundra will look after banking supervision, currency management, financial stability, rural credit, customer service, as also, the Reserve Bank’s human resources and security.

Born on July 18, 1954, Shri Mundra began his career as a Probationary Officer in Bank of Baroda in March 1977. During a banking career spanning 37 years, he has held several challenging positions including heading Bank of Baroda’s European operations (UK) before being elevated as Executive Director of Union Bank of India in September 2010 and further as Chairman of Bank of Baroda in January 2013.

Shri Mundra has served on Boards of several multi-dimensional companies, such as, the Clearing Corporation of India Ltd (CCIL), Central Depository Services (India) Ltd. (CDSL), BOB Asset Management Company, India Infrastructure Finance Corporation (UK) Ltd. (IIFCL), Star Union Dai-Ichi Life Insurance Company Ltd., National Payments Corporation of India Ltd. The experience gained in guiding these entities has bestowed him with wide leadership skills and keen insights in best practices in Corporate Governance.

He has served as the Chairman of Committee on Financial Inclusion set up by the Indian Banks’ Association (IBA) and also served as a member of several other important committees relating to the banking and financial sector constituted by the IBA and RBI, including the Nachiket Mor Committee on Comprehensive Financial Services (CCFS) for Small Businesses and Low-Income Households.

He holds a Masters Degree in Commerce and CAIIB.

Alpana Killawala
Principal Chief General Manager

Press Release : 2014-2015/223