The Appointments Committee of the Cabinet has approved the appointment of Rohit Jain as a Deputy Governor of the Reserve Bank of India for a three-year term starting 3 May 2026. He succeeds T. Rabi Sankar, who retired from the post. Rohit Jain was previously working as an Executive Director at the central bank since December 2020, where he handled the Department of Supervision. He has over 34 years of central banking experience. Following his appointment, the central bank rearranged the operational portfolios among its four Deputy Governors.
Statutory Framework of RBI Leadership
Composition and Term
The Reserve Bank of India Act, 1934, provides the legal basis for the leadership structure of the central bank. The central board of directors consists of the Governor and a maximum of four Deputy Governors.
- Appointment Authority: The Appointments Committee of the Cabinet, chaired by the Prime Minister, finalizes the appointments based on recommendations from the Financial Sector Regulatory Appointment Search Committee.
- Tenure: Appointments are made for a period specified by the government, generally up to five years or until the age of 60 years, with eligibility for reappointment. Rohit Jain has been appointed for a three-year term.
- Composition Structure: By convention, the four positions are divided between internal promotions and external experts. Two positions are filled by promoting internal career central bankers, one by a commercial banker, and one by an economist.
Current Organizational Structure
| Designation | Name | Background Type | Major Portfolios Handled |
| Governor | Shaktikanta Das | Bureaucrat | Overall Head, Monetary Policy Committee |
| Deputy Governor | Swaminathan J. | Commercial Banker | Supervision, Financial Inclusion, Legal, Secretary’s Department |
| Deputy Governor | Poonam Gupta | Economist | Monetary Policy, Economic Research |
| Deputy Governor | S. C. Murmu | Internal Promotion | Currency Management, Regulation, Payment and Settlement Systems |
| Deputy Governor | Rohit Jain | Internal Promotion | Foreign Exchange, Fintech, Financial Markets Regulation, Internal Debt Management |
Profile and Role of Rohit Jain
Professional Career and Expertise
Rohit Jain entered the central bank service in 1991. He possesses an MBA in Finance from Gujarat University and an M.Com from the Delhi School of Economics. He holds professional certifications including the Certified Associate of the Indian Institute of Banking and Finance and the International Certificate in Banking Risk and Regulation. During his 34-year career, he worked as Chief General Manager in the Department of Supervision at the Central Office and headed the New Delhi Regional Office. As an Executive Director, he oversaw risk analytics and supervisory assessments. He has represented the institution on international regulatory platforms like the Basel Committee on Banking Supervision and the Financial Stability Board groups.
Portfolio Allocation and Responsibilities
Following the transition, the central bank allocated 10 specific operational departments to Rohit Jain.
- Core Markets and Finance: Financial Markets Regulation Department, Internal Debt Management Department, and Foreign Exchange Department.
- Technology and Risk: Fintech Department, Risk Monitoring Department, and Department of Information Technology.
- Operations and Administration: Department of External Investments and Operations, Department of Government and Bank Accounts, and the Rajbhasha Department.
IASPOINT Booster Facts for UPSC
- Establishment and Nationalization: The Reserve Bank of India was established on 1 April 1935, based on the recommendations of the Hilton Young Commission under the RBI Act, 1934. It was originally established as a private shareholders’ bank and was nationalized on 1 January 1949, under the RBI (Transfer to Public Ownership) Act, 1948.
- Headquarters Shift: The Central Office of the bank was initially located in Kolkata. It was permanently moved to Mumbai in 1937.
- First Governors: Sir Osborne Smith was the first Governor of the bank. Sir Chintaman Dwarkanath Deshmukh (C.D. Deshmukh) was the first Indian Governor.
- Local Boards: The central bank has four regional local boards situated at Mumbai, Kolkata, Chennai, and New Delhi, representing regional economic interests.
- Subsidiaries of RBI: Fully owned subsidiaries include the Deposit Insurance and Credit Guarantee Corporation, Bharatiya Reserve Bank Note Mudran Private Limited, Reserve Bank Information Technology Private Limited, Indian Financial Technology and Allied Services, and the RBI Innovation Hub.