T Rabi Sankar named RBI deputy governor

The Government of India recently appointed T Rabi Shankar as the fourth Deputy Governor.

About T Rabi Shankar

  • T Rabi Shankar is in charge of fintech, payment system, risk management and information technology at the Apex Bank. He has succeeded B P Kanungo.
  • Rabi Shankar has an M Phil in Economics degree.
  • He was appointed as the International Monetary Fund consultant to the Central Bank of Bangladesh and the Government of Bangladesh.
  • He worked with the Ministry of Finance between 2008 and 2014.
  • He was appointed as the Chairman of RBI subsidiary Indian Financial Technology and Allied Services (IFTAS).

Structure

  • 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.

Logo of RBI

The official emblem of RBI has a palm tree and a tiger. It was derived from the original seal of East India Company. The seal of the East India company had a lion and a palm tree.

Monetary Policy Committee

  • The Monetary Policy Committee 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 Monetary Policy Committee.

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