Govt names Rohit Jain as new Deputy Governor of Reserve Bank of India

The government has named Rohit Jain as the new Deputy Governor of the Reserve Bank of India for a three-year tenure.

Jain succeeds T Rabi Sankar, whose prolonged term concluded this Saturday.

The Appointments Committee of the Cabinet cleared his selection for a three-year duration, effective from his start date on or after May 3.

Jain presently serves as an Executive Director at the Reserve Bank of India (RBI).

As mandated by the RBI Act of 1934, the central bank must maintain four deputy governors: two internal promotes, one commercial banking specialist, and an economist to oversee the monetary policy division.

The remaining three deputy governors currently in office are Swaminathan J, Poonam Gupta, and S C Murmu.

Rabi Sankar initially assumed the Deputy Governor role in September 2021 for three years and received subsequent one-year extensions in both 2024 and 2025.

The Reserve Bank of India was founded on April 1, 1935, following the legal mandates set forth by the Reserve Bank of India Act, 1934.

The institution's Central Office was first located in Kolkata before being shifted permanently to Mumbai in 1937. This Central Office serves as the Governor’s base and the primary site for policy development.

While it began as a private entity, the Reserve Bank has been entirely owned by the Government of India since its nationalization in 1949.

The RBI manages the issuance of banknotes and maintains reserves to ensure India’s monetary stability, while overseeing the nation’s currency and credit systems to its benefit.

It utilizes a contemporary monetary policy structure to navigate a sophisticated economy, aiming to preserve price stability while supporting broader economic growth targets.

The RBI strives to sustain adequate liquidity within the banking network to satisfy the economy's productive needs—including those of the rural sector—while ensuring market rate transmission stays effective.

RBI governor urges banks to ensure fair financial market access

The central bank governor Sanjay Malhotra on Friday called upon banks and primary dealers to guarantee that every participant enjoys equitable and clear entry to financial markets.

At an Amsterdam conference, Sanjay Malhotra stated market entities must accept the duty of ensuring that wide regulatory goals are achieved "in letter and spirit" while seeking corporate interests.

He noted that banks and market actors must ensure each user has simple access to financial markets and can trade on honest and open terms, regardless of their scale or expertise.

His comments arrive as the RBI persists in its work to mature India's financial markets, expand participation, fortify market systems, and enhance transparency.

• The governor further mentioned that India’s foreign exchange stockpiles are adequate to cover approximately 11 months of imports.
• The current account deficit is considered manageable, with rising energy costs expected to broaden it, though recent trade deals are projected to balance a portion of that effect, he said.
• In early April, Reuters reported that India's central bank is investigating the techniques major banks utilized to close rupee arbitrage positions over fears that the deals violated rules and hindered currency stabilization efforts.