Rohit Jain Appointed as RBI Deputy Governor

The Appointments Committee of the Cabinet has approved Rohit Jain's appointment as Deputy Governor of the Reserve Bank of India for a three-year term, beginning in May 2026. He takes over from T. Rabi Sankar. The RBI, established in 1935, plays a crucial role in India's monetary stability.

In a significant development, the Appointments Committee of the Cabinet has sanctioned the appointment of Rohit Jain as the new Deputy Governor of India's central banking institution, the Reserve Bank of India (RBI). Jain, who currently serves as an Executive Director at the RBI, will commence his three-year tenure on or after May 3, 2026, taking over from T. Rabi Sankar, who retired last month.

The Reserve Bank of India, which came into existence on April 1, 1935, under the Reserve Bank of India Act, 1934, moved its central operations from Kolkata to Mumbai in 1937. The RBI is fully owned by the Government of India following its nationalization in 1949. The bank formulates key monetary policies, supports liquidity, and ensures monetary stability within the economy.

The RBI serves as the backbone of India's financial framework, regulating the issuance of banknotes and maintaining reserves to secure monetary stability. Its modern monetary policy framework aims to balance price stability and economic growth, ensuring robust financial transmission and meeting the productive needs of the economy, including the rural sector.