Mumbai: A government panel approved the appointment of career central banker T. Rabi Sankar as a deputy governor at the Reserve Bank of India.
Sankar, an executive director at RBI, will hold the new post for a period of three years, according to a note circulated by the Department of Personnel and Training.
“The Appointments Committee of the Cabinet has approved the appointment of Shri T. Rabi Sankar, Executive Director, Reserve Bank of India to the post of Deputy Governor, Reserve Bank of India for a period of three years from the date of joining the post or until further orders, whichever is earlier,” the government said in an internal circular.
Sankar, has long experience across a wide spectrum of central banking functions, particularly, exchange rate management, reserves portfolio management, public debt management, monetary operations, development, regulation and surveillance of financial markets and of payment systems, and managing the Bank’s IT infrastructure.
He is a member of important committees that include Internal Study Group to Review the Working of the Marginal Cost of Funds Based Lending Rate System, Working Group to Review the Guidelines for Hedging of Commodity Price Risk by Residents in the Overseas Markets, Expert Committee on Integration of Commodity Spot and Derivative Markets (established by the Government of India), Working Group on Establishing Viable Capital Markets (established by the Bank for International Settlements or, BIS) and Working Group on Dollar Funding Markets (BIS).
He has been a member of RBI committees including those for forming marginal cost of funds-based lending system, hedging of commodity price risk, integration of commodity spot and derivatives markets. He was also part of two important working groups of the Bank for International Settlement (BIS) on capital markets and dollar funding markets. Sankar holds an M Phil in Economics degree.
