Rabi Sankar is new RBI Deputy Governor

Mumbai The government has appointed RBI Executive Director T Rabi Sankar as the fourth deputy governor of the central bank.

Sankar fills the vacancy created by the retirement of BP Kanungo on April 2, after completing one-year extension. The Appointments Committee of the Cabinet on Saturday cleared his appointment for a three-year tenure or till he superannuates, whichever is earlier. 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's portfolio may include the departments headed by Kanungo, which included fintech, information technology, payments system and risk monitoring. He had joined the central bank as a research officer in September 1990. Sankar has a Master's degree in science and statistics from the Banaras Hindu University and a diploma in development planning from the Institute of Economic Growth, according to a Linkedin post.