The central government has approved a one-year extension for T Rabi Sankar as Deputy Governor of the Reserve Bank of India (RBI), effective from May 3, 2024, or until further orders. This marks an extension of his original three-year term that began in May 2021.
Who is T Rabi Sankar?
T Rabi Sankar joined the RBI in 1990 and has since held several key positions across various departments. Prior to becoming Deputy Governor, he served as the Executive Director of RBI. He is also the Chairman of Indian Financial Technology and Allied Services (IFTAS) and a member of the Governing Council of the Institute for Development and Research in Banking Technology (IDRBT).
About Deputy Governors in RBI
Under Section 8 of the Reserve Bank of India Act, 1934, up to four Deputy Governors can be appointed by the Government of India. As per convention (though not law), the composition generally includes:
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Two career RBI officers
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One from commercial banking
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One economist
Each Deputy Governor serves a tenure as specified by the government, with a maximum term of five years and a retirement age of 60 years. They are eligible for reappointment, and the government holds the authority to terminate the position at any time.
Current Deputy Governors of RBI:
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Swaminathan J
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T Rabi Sankar
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M. Rajeshwar Rao
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Dr. M.D. Patra
The extension signals continuity in leadership amid evolving monetary and technological policy challenges faced by India’s central banking system.
