RBI Deputy Governor T Rabi Sankar’s term extended by 1 year

The government of India has extended the term of T Rabi Sankar as the deputy governor of Reserve Bank of India (RBI) for one more year with effect from 3 May 2024 or until further orders, whichever is earlier. He was appointed as the Deputy Governor of RBI in May 2021 for a period of three years.

About T Rabi Sankar 

T Rabi Sankar joined the Reserve Bank of India in 1990 and has worked in various departments of the RBI. He was the Executive Director of RBI before being appointed as the deputy governor of RBI.

T Rabi Sankar is also the Chairman, Indian Financial Technology and Allied Services (IFTAS); and member of the Governing Council of Institute for Development and Research in Banking Technology (IDRBT).

Deputy Governors in RBI 

• Section 8 of the Reserve Bank of India Act 1934  provides for the appointment of not more than four Deputy Governors in the RBI. 
• The Deputy Governor is appointed by the government of India which is also the owner of the RBI. 
• The central government has the power to dismiss the Deputy Governor at any time. 

Tenure and Qualification of Deputy Governor 

• According to the RBI Act 1934, a Deputy Governor shall hold office for a maximum period of five years. The government, while appointing the Deputy Governor, has the power to specify the tenure of the Deputy Governor. 
• The Deputy Governor is eligible for re-appointment.
• The qualification of the Deputy Governor is specified by the government of India.  However, by convention, two Deputy Governors are career RBI officers, one is from Commercial banks and one is an economist. It is a convention, not a rule.
• The retirement age of the RBI Deputy Governor is 60 years.

Deputy Governors in RBI 

• At present, Swaminathan J, T. Rabi Sankar, M. Rajeshwar Rao and Dr. M.D. Patra are the Deputy Governors of RBI.
• Captain Sir Sikander Hyat Khan and Sir James B. Taylor were appointed as the first Deputy Governors of RBI on 1 April 1935.
• The first woman Deputy Governor of RBI is K.J.Udeshi.She was the Deputy Governor from 2003-2005

The Reserve Bank of India was set up on 1 April 1935 under the Reserve Bank of India Act 1934. It was nationalised in 1949, and it is 100 per cent owned by the government of India. 

It is the central bank of India and regulates the banking sector. 

Governor of RBI: Shaktikanta Das