T Rabi Sankar named as new RBI deputy governor; career Central banker set to suceed BP Kanungo
Sankar, a career Central banker, has worked in various positions at the Reserve Bank of India. He has a Master of Philosophy in Economics from the Jawaharlal Nehru University
Mumbai: T Rabi Sankar on Monday took over as the new deputy governor of the Reserve Bank of India for a period of three years, the Central bank said in a statement.
Sankar has filled the vacancy created after the retirement of BP Kanungo on 2 April. The other three deputy governors are Michael D Patra, who heads the all-important monetary policy department; Mukesh Kumar Jain, the commercial banker-turned-central banker; and Rajeshwar Rao.
Sankar was executive director of the Reserve Bank before being elevated to the post of deputy governor.
The Appointments Committee of the Cabinet cleared Sankar's appointment as the new RBI deputy governor on Saturday.
"In pursuance with the Government of India notification dated 3 May, 2021, T Rabi Sankar took over as the Deputy Governor of Reserve Bank of India today for a period of three years or until further orders, whichever is earlier," the RBI said.
Sankar has a Master of Philosophy in Economics from the Jawaharlal Nehru University, New Delhi.
Sankar, a career Central banker, has worked in various positions at the Reserve Bank of India. As an executive director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department of the 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, the RBI said.
He has served as an IMF Consultant (2005-11) on developing government bond markets and debt management. In addition to his professional career at the RBI, he is the Chairman, Indian Financial Technology and Allied Services (IFTAS); member of Board of Directors, ReBIT; and member of Governing Council, IDRBT
RBI had raised the repo rate by 40 bps in May and 50 bps each in June and August. The present rate is 5.4 per cent.
Reserve Bank of India Governor Shaktikanta Das announced the hike today
The Governor said PAs play an important role in the payments ecosystem and hence were brought under regulations in March 2020 and designated as Payment System Operators