T Rabi Sankar has taken over as the new deputy governor at the Reserve Bank of India (RBI). Following this, the central bank has redistributed the portfolios of the deputy governors. RBI has four deputy governors.
Rabi Sankar, who was serving as an executive director, has been given important portfolios such as department of currency management, external investments and operations, government and bank accounts, Information Technology and Payment and Settlement Systems.
Besides, he has also been given foreign exchange department, internal debt management department and right to information, the RBI said.
Rabi Sankar has been appointed for a period of three years.
On May 2, the Appointments Committee of the Cabinet cleared the name of T Rabi Sankar as a Deputy Governor. This was after B Kanungo retired on April 2. RBI has four deputy governor posts, one of which fell vacant due to Kanungo's retirement. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao.
A career central banker
Rabi Sankar is a career central banker who joined the RBI in 1990 and has worked in various positions in the central bank.
As Executive Director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department in RBI.
His areas of expertise include exchange rate management, reserves portfolio management, public debt management, monetary operations and development, regulation and surveillance of financial markets, payment systems and IT infrastructure.
Rabi Sankar has served as an IMF Consultant (2005-11) on developing Government bond markets and debt management. He represented RBI on international forums like Bank for International Settlements and various internal and external expert committees and working groups.
In addition to his professional career at RBI, he is Chairman, Indian Financial Technology and Allied Services (IFTAS), member of Board of Directors, ReBIT and member of Governing Council IDRBT. Rabi Sankar has a Master of Philosophy in Economics from the Jawaharlal Nehru University, New Delhi.
Portfolio reshuffle
As part of the portfolio, M K Jain will handle portfolios including co-ordination, central security cell, consumer education and protection department, supervision, financial Inclusion, human resource and rajbhasha.
Further, M D Patra will handle corporate strategy and budget, economic and policy research, statistics and information, deposit insurance, financial markets operations, financial markets, financial stability unit, International department and monetary policy department.
M Rajeshwar Rao, the fourth deputy governor, will handle regulation, communication, enforcement, inspection, legal department and risk monitoring department.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
