T Rabi Sankar has recently been appointed as fourth Deputy Governor of Reserve Bank of India (RBI).
- The Appointments Committee of the Union Cabinet approved the proposal for the appointment of Ravi Shankar.
- He can assume the responsibility of the Department of Kanungo who was handling the divisions of FinTech, Information Technology, Payment Systems and Risk Monitoring.
- The fourth post of deputy governor was vacant since BP Kanungo retired on April 2. Kanungo retired after a year of service extension.
- He has been appointed for three years or till the date of his retirement, whichever is earlier.
- Apart from payments and settlement, Sankar will manage Fintech, Department of Information Technology, Risk Monitoring, and RTI (right to information).
- The other three deputy governors of RBI include Michael D Patra, Mukesh Jain and Rajeshcher Rao. Michael Patra is the head of the Monetary Policy Department.
About Ravi Shankar:
- He was appointed as Research Officer in RBI in September 1990.
- Rabi Shankar has an M Phil in Economics degree.
- In 2020, Sankar was appointed as the Chairman of Indian Financial Technology & Allied Services (IFTAS).
Note: IFTAS is a wholly-owned subsidiary of RBI.
- Prior to this, he has also worked with the International Monetary Fund (IMF) and the Central Bank of Bangladesh on behalf of the Government of India (GoI).
About RBI’s Central Board of Directors:
- The Reserve Bank of India is governed by the Central Board of Directors.
- The directors are appointed by the Government of India under Reserve Bank of India Act.
- The Central Board consists of Governor, four Deputy Governors, two finance ministry representatives and four directors to represent local boards.
- These local boards are headquartered in Kolkata, Mumbai, Chennai and New Delhi.
Monetary Policy Committee (MPC):
- The Monetary Policy Committee (MPC) was constituted by Reserve Bank of India.
- It is led by the Governor of RBI.
- The Committee usually meets six times a year.
- The committee has six members.
- Of these six members, the Government of India appoints three persons.
- No Government official is nominated to the MPC.