New Delhi [India], April 22 (ANI): The Appointments Committee of the Cabinet (ACC) has approved the reappointment of T. Rabi Sankar as Deputy Governor of the Reserve Bank of India (RBI) for a period of one year.

According to an official order issued by the Department of Personnel & Training, Sankar's extended tenure will begin on May 3, 2025, or until further orders, whichever is earlier.

Sankar is currently overseeing the key portfolios of the FinTech Department, the Financial Markets Operations Department, and the Financial Markets Regulation Department at the Reserve Bank of India (RBI). Sankar has played a pivotal role in the launch of the Central Bank Digital Currency (CBDC).

This reappointment comes as Sankar's current term approaches its conclusion. As Deputy Governor, he remains a key member of the RBI's leadership team, responsible for monetary policy decisions and financial sector regulation in India.

T. Rabi Sankar was Executive Director of the Reserve Bank before being elevated to the post of Deputy Governor in 2021.

T. Rabi Sankar, a seasoned central banker, joined the Bank in 1990 and has held various positions at the Reserve Bank of India. As Executive Director, he oversaw the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech, and the Risk Monitoring Department at the RBI.

The Reserve Bank of India, the country's central banking institution, maintains a leadership structure comprising one Governor and four Deputy Governors, who oversee various aspects of the nation's financial and monetary systems.

Meanwhile, on April 20, RBI governor Sanjay Malhotra said that India's financial markets will play a crucial role in navigating global challenges and achieving its long-term aspirations successfully. Speaking at the 24th FIMMDA-PDAI Annual Conference in Bali, RBI Governor Malhotra underlined the growing importance of financial markets as key enablers of economic growth.

'If India is to navigate the shifting tides and fulfil its aspirations, financial markets will have to play a crucial role. As the marketplace for raising capital and trading financial assets, financial markets are key enablers of economic growth,' he said.

He also noted that financial markets have existed for centuries and have continued to evolve over time to meet the changing needs of economies. (ANI)