Rohit Jain has been appointed as a Deputy Governor of the Reserve Bank of India (RBI) for a term of three years. Deputy Governors assist the Governor in running the central bank and each oversees a set of departments such as monetary policy, regulation, supervision or currency management. Under the RBI Act, 1934, the central bank can have up to four Deputy Governors, who are appointed by the Union government. The RBI was established on 1 April 1935 and was nationalised in 1949; its headquarters is in Mumbai.