The Appointments Committee of the Cabinet appointed T Rabi Sankar as a Deputy Governor on May 2 in view of the retirement of B Kanungo on April 2. RBI has four deputy governor posts wherein one of which became vacant due to Kanungo’s retirement. Now his shoes will be filled by T Rabi Sankar wherein The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao.
The central bank informed in a statement that T Rabi Sankar on Monday took over as the new deputy governor of the Reserve Bank of India for a period of three years.
T Rabi Sankar has been provided with portfolio’s such as the department of currency management, external investments and operations, government and bank accounts, information technology, payment and settlement systems, foreign exchange department, internal debt management, and right to information division.
Earlier Sankar worked as the executive director of RBI and was in charge of the payment System, IT, Fintech and risk management.
Now after the reshuffle, M K Jain will now be in charge of the financial inclusion and development, consumer education, central security cell,, department of supervision and HR (Human Resource).
Another RBI Governer is Michael Debabrata Patra who will be heading portfolios such as department of economy and policy research, deposit insurance and credit guarantee corporation, department of statistics and information management, financial markets operation, financial stability unit, monetary policy department, financial markets regulations and international department.
On the Other hand, M Rajeshwar Rao will be tackling regulation, inspection, legal department, communication, enforcement, and risk monitoring department.
Rabi Sankar joined RBI in 1990 and worked upwards to become the RBI Governer today. He has expertise in areas such as public debt management, monetary operations and development, exchange rate management, reserves portfolio management, regulation and surveillance of financial markets, payment systems and IT infrastructure.
Rabi Sankar has also served as an IMF Consultant (2005-11) wherein he played a crucial role in developing Government bond markets and debt management. He has also represented RBI on various international platforms and Forums like Bank for International Settlements and in variety of internal and external expert committees and working groups.
In addition to this, he is also the Chairman, Indian Financial Technology and Allied Services (IFTAS), member of Board of Directors, ReBIT and member of Governing Council IDRBT.