T Rabi Sankar to succeed B P Kanungo as RBI deputy governor
RBI has four deputy governor posts of which fell vacant due to Kanungo's retirement. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao.
May 02, 2021 / 08:11 AM IST
T Rabi Sankar is a well-known expert on a wide spectrum of central banking functions
The Appointments Committee of the Cabinet has cleared the name of T Rabi Sankar as a Deputy Governor at the Reserve Bank of India (RBI). Rabi Sankar, who is currently an Executive Director at the RBI, has been appointed for a period of three years, a government notification said on May 1.
Kanungo retired on April 2. RBI has four deputy governor posts of which fell vacant due to Kanungo's retirement. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao. Presently, Rabi Sankar is in charge of Fintech, department of information technology, RTI, risk monitoring, department of payment and settlement systems.
Sankar is a well-known expert on a wide spectrum of central banking functions, including exchange rate management, reserves portfolio management, public debt management, monetary operations, development, regulation and surveillance of financial markets and of payment systems, and managing the Bank's IT infrastructure.
Also, he was a member of crucial RBI committees including an internal study group to review the working of the marginal cost of funds based lending rate system, working group to review the guidelines for hedging of commodity price risk by residents in the overseas markets and expert committee on integration of commodity spot and derivative markets.
Sankar was also associated with the working group on establishing viable capital markets and working group on dollar funding markets. Sankar has an M Phil in Economics degree.