The government appointed the executive director of the RBI, T. Rabi Sankar, fourth vice-governor of the central bank.

Sankar fills the vacancy created by the retirement of BP Kanungo on April 2, after completing a one-year extension.

On Saturday, the Cabinet Appointments Committee cleared his appointment for a three-year term or until he retires, whichever comes first.

The other three vice-governors are Michael D. Patra, who heads the very important monetary policy department; Mukesh Kumar Jain, the commercial banker turned central banker; and Rajeshwar Rao.

Sankar’s portfolio may include the departments led by Kanungo, which included fintech, information technology, payments system and risk oversight.

He had joined the central bank as a research fellow in September 1990. Sankar holds a master’s degree in science and statistics from the Hindu University of Banaras and a diploma in development planning from the Institute for Economic Growth. , according to a Linkedin article.

Last year, Sankar was appointed president of Indian Financial Technology and Allied Services, a subsidiary of RBI. Previously, he also worked with the International Monetary Fund on the development of bond markets for the government and also with the central bank of Bangladesh.