RBI Deputy Governor T. Rabi Sankar's Tenure Extended by One Year

The Indian government has extended the tenure of Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar by one year until May 2024. The extension ensures continuity in the central bank's leadership during a critical period, as Sankar's expertise in areas like foreign exchange and fintech will be valuable in maintaining economic stability and promoting financial innovation in India.

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Dil Bar Irshad
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RBI Deputy Governor T. Rabi Sankar's Tenure Extended by One Year

RBI Deputy Governor T. Rabi Sankar's Tenure Extended by One Year

The Indian government has prolonged the tenure of Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar by one year.

Rabi Sankar, who is in charge of the foreign exchange, currency, and fintech departments at the central bank, was initially appointed as Deputy Governor in May 2021 for a three-year term.

The one-year extension was announced in a government document seen by Reuters. The decision comes as the RBI seeks to maintain stability and continuity in its leadership during a time of economic uncertainty. Rabi Sankar's extended tenure will provide the central bank with his expertise in key areas as it navigates challenges such as high inflation and maintaining financial stability.

Prior to his role as Deputy Governor, Rabi Sankar was an Executive Director at the RBI, overseeing the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech, and the Risk Monitoring Department. He has been with the central bank since 1990, serving in various positions throughout his career.

Why this matters: The extension of Rabi Sankar's tenure as RBI Deputy Governor ensures continuity in the central bank's leadership during a critical period. His expertise in areas such as foreign exchange, currency management, and fintech will be valuable as the RBI works to maintain economic stability and promote financial innovation in India.

In addition to his responsibilities at the RBI, Rabi Sankar also serves as the Chairman of Indian Financial Technology and Allied Services (IFTAS), a member of the Board of Directors of ReBIT, and a member of the Governing Council of IDRBT. He has previously served as an IMF Consultant on developing government bond markets and debt management. Rabi Sankar holds a Master of Philosophy in Economics from Jawaharlal Nehru University.

The extension of Rabi Sankar's term follows a similar move by the government in January 2023, when it extended the tenure of RBI Deputy Governor Michael Patra by another year. The decision to retain key members of the RBI's leadership team reflects the government's confidence in their abilities to steer the central bank through the current economic landscape.

Key Takeaways

  • RBI Deputy Governor T. Rabi Sankar's tenure extended by 1 year until May 2024.
  • Rabi Sankar oversees foreign exchange, currency, and fintech at the central bank.
  • Extension ensures continuity in RBI leadership during economic uncertainty.
  • Rabi Sankar has over 30 years of experience at the RBI in various roles.
  • RBI Deputy Governor Michael Patra's tenure also extended by 1 year in January 2023.