The appointments committee of the Union Cabinet has cleared the name of T. Rabi Sankar for the post of deputy governor of the Reserve Bank of India (RBI). Sankar, who is currently the executive director in charge of payments and settlement, has been appointed for a period of three years.

The deputy governor’s position was lying vacant after B.P. Kanungo retired on 2 April. The other three deputy governors are Mahesh Kumar Jain, Michael Patra, and M. Rajeshwar Rao. Besides payments, Sankar is also in charge of fintech, department of information technology, RTI (right to information) and risk monitoring.

Sankar has long experience across a wide spectrum of central banking functions, particularly, exchange rate management, reserves portfolio management, public debt management, monetary operations, development, regulation and surveillance of financial markets and of payment systems, and managing the Bank’s IT infrastructure.

Sankar has been a member of RBI committees including those for forming marginal cost of funds-based lending system, hedging of commodity price risk, integration of commodity spot and derivatives markets. He was also part of two important working groups of the Bank for International Settlement (BIS) on capital markets and dollar funding markets. Sankar holds an M Phil in Economics degree.