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A police officer stands guard in front of the Reserve Bank of India (RBI) head office in Mumbai, India, August 9, 2016.Reuters file

IDBI Managing Director and CEO Mahesh Kumar Jain has been appointed as the deputy governor to the Reserve Bank of India. Ther announcement came as a tweet from Rajeev Kumar, secretary, Department of Financial Services at the Ministry of Finance. As per the tweet, Mahesh Jain will serve in the post for a period of three years. He joins BP Kanungo, Viral V. Acharya, and NS Vishwanathan as deputy governor.

Mahesh Jain comes with over 30 years of banking experience, having previously lead Indian Bank and served on the boards of various other banks. The move comes at a time when banks in India are struggling to recover from the defaulted loans by Vijay Mallya and Nirav Modi.