T Rabi Sankar appointed new RBI deputy governor

In a statement on Monday by the Central Bank, it was announced that T Rabi Sankar took over as the new deputy governor of the Reserve Bank of India for a period of three years.

Sankar's appointment will fill the vacancy created on April 2nd, post the retirement of B P Kanungo who had been appointed to the role when Urjit Patel took charge in 2017. Following the end of his term in 2020, he completed his one-year extension and retired against expectations of a second extension.  The other deputy governors currently serving are Michael D Patra, Mukesh Kumar Jain and Rajeshwar Rao.

Rabi Sankar's professional experience includes various roles at the Reserve Bank of India including that of executive director, overseeing the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department of the RBI. His expertise extends to domains such as exchange rate management, reserves portfolio management, public debt management, monetary operations and development, regulation and surveillance of financial markets, payment systems and IT infrastructure.

Sankar has also in the past served as an IMF Consultant (2005-11) towards developing government bond markets and debt management. 

Outside his career at the RBI, Sankar holds the role of Chairman at Indian Financial Technology and Allied Services (IFTAS) and is also a member of the Board of Directors at ReBIT and a member of the governing council at IDRBT.

Inputs from PTI