The central government has decided to extend the term of Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar by one more year. This extension will come into effect from May 3, 2025. The decision was approved by the Appointments Committee of the Cabinet, which handles key appointments in the government.
His Journey in RBI So Far
T Rabi Sankar was first appointed as Deputy Governor of RBI in May 2021 for a term of three years. That term was set to end in May 2024, but now, with the one-year extension, he will continue in the role until May 2025.
He began his journey with the Reserve Bank of India back in 1990, and over the years, he has held several important roles within the organization.
Before becoming Deputy Governor, he served as an Executive Director at RBI. In that position, he was responsible for some very important departments:
- Department of Payment and Settlement Systems – This department ensures that money transfers and payment services across the country run smoothly.
- Department of Information Technology – This division focuses on managing and improving the RBI’s technology systems.
- Fintech Department – Deals with financial technology innovations that are reshaping banking and finance.
- Risk Monitoring Department – Keeps a close watch on potential risks in the banking system.
Work Beyond the RBI
Apart from his roles at the RBI, T Rabi Sankar has also worked with international organizations. From 2005 to 2011, he worked as a consultant with the International Monetary Fund (IMF), where he helped countries develop their government bond markets and manage public debt.
He also holds several important positions in financial technology and research institutions:
- Chairman of Indian Financial Technology and Allied Services (IFTAS) – A body that supports technology services in banking.
- Board member of ReBIT (Reserve Bank Information Technology Pvt Ltd) – A company that works on RBI’s tech and cybersecurity needs.
- Member of the Governing Council of IDRBT (Institute for Development and Research in Banking Technology) – A research institute focusing on banking tech.
Conclusion
The extension of T Rabi Sankar’s term shows the government’s confidence in his leadership and expertise in the financial and technology sectors of banking. With his deep experience in both traditional banking operations and modern financial technologies, he is expected to continue playing a key role in shaping India’s financial system.
