The government has appointed Reserve Bank of India (RBI) executive director T Rabi Sankar as the fourth deputy governor of the central bank. Sankar, a career central banker joined the Bank in 1990 and has worked in various positions in RBI. As executive director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department in RBI.
Now, with Sankar’s appointment, there will be a reshuffle in portfolios of the existing governors as well.
Below is the portfolios of the deputy governors with effect from May 3, 2021:
M K Jain: He was appointed for a period of three years in 2018. He has been the CEO and MD of IDBI Bank since April 2017. He also served as MD and CEO of Indian Bank from November 2015 to March 2017. He has three decades of banking experience in diverse areas and has served on several boards including Exim Bank, NIBM, IBPS and others.
Now, he is in-charge of coordination; Central Security Cell; Consumer Education and Protection Department; Department of Supervision; Financial Inclusion and Development Department; Human Resource Management Department; Premises Department; Rajbhasha Department and Secretary’s Department.
Dr. MD Patra: He took charge as deputy governor on 15 January 2020. He is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. Before his appointment as deputy governor, Patra served as the executive director of the monetary policy department of RBI. Earlier, Patra served as an adviser in charge of international finance, money, and banking in RBI's department of economic analysis. With his appointment as deputy governor, Patra became the first RBI career economist to be elevated to the position.
Portfolios with him as deputy are: Corporate Strategy and Budget Department; Department of Economic and Policy Research; Department of Statistics and Information Management; Deposit Insurance and Credit Guarantee Corporation; Financial Markets Operations Department; Financial Markets Regulation Department; Financial Stability Unit; International Department and Monetary Policy Department
M Rajeshwar Rao: He was appointed to the post of deputy in October 2020. Before becoming the deputy governor, Rao was executive director of the Reserve Bank. Rao, a career central banker joined the Bank in 1984 and has worked in various positions in the Reserve Bank of India. As executive director, he was looking after the Financial Markets Operation Department, the International Department, the Internal Debt Management Department and the Secretary’s Department in RBI.
As deputy, the departments under him are: Department of Regulation; Department of Communication; Enforcement Department; Inspection Department; Legal Department; and Risk Monitoring Department.
T Rabi Sankar: The newly appointed deputy governor will be in charge of Department of Currency Management; Department of External Investments & Operations; Department of Government and Bank Accounts; Department of Information Technology; Department of Payment and Settlement Systems; Foreign Exchange Department; Internal Debt Management Department; and Right to Information (RIA) Division.