Reserve Bank of India (RBI) executive director T Rabi Sankar has been appointed the central bank’s fourth deputy governor, sources said.

Rabi Sankar is in charge of the payment system, fintech, information technology and risk management at RBI. He succeeds BP Kanungo as deputy governor, who retired on April 2 after being granted a one-year extension in office.

Rabi Sankar now joins Mahesh Kumar Jain, Michael Patra and Rajeshwar Rao as fourth deputy governor of the central bank.

Rabi Sankar holds an M.Phil in Economics and managed all critical departments of the RBI, including debt management, which was Kanungo’s domain.

Rabi Sankar is widely respected among the economist community for his original thinking and has been a member of various committees including those for the formation of the lending system based on marginal cost of funds, commodity price risk hedging, integration of spot commodity and derivative markets, including two major group work of the Bank for International Settlements (BIS) on capital markets and dollar funding markets.

In 2005-11, he was a consultant appointed by the International Monetary Fund (IMF) to the government and central bank of Bangladesh to develop the bond market and the debt management process. He also worked with the Ministry of Finance in 2008-2014 as an MP.

In addition to serving at RBI, he was named President of the RBI Indian Financial Technology and Allied Services (IFTAS) subsidiary in June 2020.

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