The Centre on Saturday appointed Reserve Bank of India (RBI) executive director T Rabi Sankar as the fourth deputy governor of the central bank. “The Appointments Committee of the Cabinet has approved the appointment of Shri T Rabi Sankar, Executive Director, Reserve Bank of India to the post of Deputy Governor, Reserve Bank of India for a period of three years from the date of joining the post or until further orders, whichever is earlier,” a statement from the central government mentioned.
Sankar will succeed BP Kanungo who retired on last month after getting a one year extension in his position. His portfolio may include the departments headed by Kanungo — fintech, information technology, payments system and risk monitoring.
Sankar joined the Reserve Bank of India as a research officer in September 1990. He has handled all critical departments at the central bank. He completed his Master’s degree in Science and Statistics from the Banaras Hindu University. He also holds a diploma in development planning from the Institute of Economic Growth, according to a LinkedIn post.
During 2005-11, he worked with the International Monetary Fund on bond markets development for the government and with the central bank of Bangladesh. Last year, Sankar was appointed as the chairman of the Indian Financial Technology and Allied Services, a subsidiary of Reserve Bank of India. He was also associated with the Bank of International Settlement on capital market activities.
Sankar now joins Michael D Patra, who heads the all-important monetary policy department; Mukesh Kumar Jain, the commercial banker-turned-central banker; and Rajeshwar Rao as a fourth deputy governor of Reserve Bank of India.
(With inputs from PTI)