The appointments committee of the Union Cabinet on Sunday confirmed T. Rabi Sankar for the post of deputy governor of the Reserve Bank of India (RBI). Sankar currently serves as the executive director in charge of payments and settlement.
Sankar has been appointed to the post of deputy governor of the RBI for a period of three years, according to a note circulated by the Department of Personnel and Training.
"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," the Centre said in an internal circular, according to The Times of India.
The previous deputy governor of RBI, SP Kanungo, retired on April 2, 2021, leaving the post vacant. The other three RBI deputy governors are Michael Patra, Mahesh Kumar Jain, and M. Rajeshwar Rao. Apart from payments and settlement, Sankar will manage fintech, department of information technology, risk monitoring, and RTI (right to information).
Sankar has decades of experience spanning across various central bank functions. He had joined RBI as a research officer back in September 1990, as per his LinkedIn profile.
Sankar holds a master's degree in Science and Statistics from Banaras Hindu University. He also has a diploma in Development Planning from the Institute of Economic Growth.
In 2020, Sankar was appointed as the Chairman of Indian Financial Technology & Allied Services (IFTAS). IFTAS is a wholly-owned subsidiary of RBI. In past, Shankar has worked with the International Monetary Fund (IMF) on bond market development for the central and government bank of Bangladesh.
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