T Rabi Sankar appointed as new Deputy Governor of RBI, to succeed BP Kanungo


LAST UPDATED: May 2, 2021, 1:56 p.m.

New Delhi (Anish Yande): The post of Deputy Governor of RBI left vacant after the retirement of B.P. Kanungo would be taken up by T Rabi Sankar. The deputy governor’s position has been vacant since B.P. Kanungo retired on April 2. The Cabinet’s Appointments Committee has approved T Rabi Sankar as deputy governor.

T Rabi Sankar appointed Deputy Governor of RBI:

Sankar is currently an Executive Director at the RBI. He is in charge of the department of information technology, department of payment and settlement systems, RTI, Fintech, and risk monitoring.

A government notification that was issued on May 1 announced the appointment of T Rabi Sankar. According to the government notification, Rabi Sankar would be appointed for three years. The other three deputy governors of RBI are Michael Patra, Mahesh Kumar Jain, and M Rajeshwar Rao. 

Accomplishments of T Rabi Sankar:

T Rabi Sankar has a master’s degree in Science and Statistics from Banaras Hindu University. Sankar holds a diploma in Development Planning from the Institute of Economic Growth. He joined the Reserve Bank of India in September 1990 in the role of a research officer.

Sankar went on to become a member of several important committees such as Working Group to Review the Guidelines for Hedging of Commodity Price Risk by Residents in the Overseas Markets,  Working Group on Dollar Funding Markets (BIS), hedging of commodity price risk, integration of commodity spot and Expert Committee on Integration of Commodity Spot and Derivative Markets.

He has also worked with the International Monetary Fund (IMF) on the development of the bond market in Bangladesh, for the country’s central and government bank. 

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In 2020, he was named as the Chairman of Indian Financial Technology & Allied Services (IFTAS), which is a wholly-owned subsidiary of RBI. 

T Rabi Sankar has experience across segments such as public debt management, monetary operations, exchange rate management, reserves portfolio management, regulation and surveillance of financial markets and of payment systems, and public debt management.

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