Turnaround king: IDBI Bank's M K Jain named new RBI deputy governor

IDBI Bank managing director M K Jain will be the fourth deputy governor of the Reserve Bank of India, filling the vacacy after S S Mundra retired on July 31 last year. His term is three years.

He is expected to be put in charge of banking supervision, among other duties. In which case, he will have his hands full. The Basel-III norms took effect on May 17 and Jain will have to lead banks in implementation on the new requirements on liquidity. In the medium to long term, he will have to grapple with bad debts of the banking