New Delhi: The Appointments Committee of the Union Cabinet approved the name of T. Rabi Shankar for the post of Deputy Governor of Reserve Bank of India (RBI). Shankar is currently the executive director in charge of payment and settlement, he has been appointed as deputy governor for three years.
The post of deputy governor B.P. Kanungo was lying vacant after he retired on 2 April. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M. Rajeshwar Rao. Apart from payment, Shankar is also in charge of FinTech, Department of Information Technology, RTI (Right to Information) and Risk Monitoring.
Shankar has long experience of central banking functions, wide range of central banking functions, exchange rate management, reserves portfolio management, public debt management, monetary operations, development, regulation and monitoring of financial markets, payment systems, management of bank’s IT infrastructure. .
He is a member of important committees including the Internal Study Group to review the Marginal Cost of Funds based lending rate system, Working Group to review guidelines for the prevention of commodity price risk by residents in migrant markets, Committee of The Expert Committee on Integration on Commodity Spot and Derivatives Markets (set up by the Government of India), Working Group on the Establishment of Working Capital Markets (established by Bank of International Settlements or, BIS) and Working Group on Dollar Funding Markets (BIS).
He has been a member of the RBI committees, including marginal cost of fund based lending system, hedging of commodity price risk, integration of commodity spot and derivatives markets. He was also part of the two important working groups of the Bank for International Settlement (BIS) on capital markets and dollar financing markets. Shankar Economics holds M. Phil.