T Rabi Sankar named new RBI Deputy Governor


The Appointments Committee of the Cabinet on May 1, 2021 approved the appointment of T Rabi Sankar as the new deputy governor of the Reserve Bank of India. He will be succeeding BP Kanungo, who retired from the post on April 2nd after receiving one-year extension in his position.  

T Rabi Sankar has been named as the fourth Deputy Governor of the central bank. He will be serving at the post for a period of three years.

He will be in charge of important portfolios such as current management, operations, payment, bank account, external investments and settlement system. He has also been given the charge of the internal debt management department, right to information and information technology departments. 

Sankar was previously serving as the Executive Director of the Reserve Bank of India. 

Key Details 

•The Reserve Bank of India has four deputy governor posts, one of which fell vacant when BP Kanungo retired in April.
The names of the other three RBI Deputy Governors are M Rajeshwar Rao, Michael Patra and Mahesh Kumar Jain.

•The Reserve Bank also did a portfolio reshuffle of the other three deputy governors:

•M K Jain will now handle portfolios including consumer education, central security cell, protection department, supervision, financial Inclusion, human resource and rajbhasha.

•M D Patra will handle budget and corporate strategy, statistics and information, economic and policy research, financial markets, financial markets operations, deposit insurance, financial stability unit, monetary policy department and the International department. 

•M Rajeshwar Rao will handle communication, regulation, inspection, enforcement, legal department and risk monitoring department.

About T Rabi Shankar 

T Rabi Sankar is a career central banker, who joined the RBI in 1990. Since his joining, he has worked in various positions in the central bank.

•As RBI Executive Director, he was looking over Fintech and the Risk Monitoring Department, Department of Payment and Settlement Systems and Department of Information Technology. 

•Rabi Sankar had previously served as a consultant with the International Monetary Fund from 2005 till 2011 on matters such as developing Government bond markets and debt management. 

•He has also represented RBI on international forums like Bank for International Settlements and various internal and external expert committees and working groups.

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