Daijiworld Media Network - New Delhi

New Delhi, May 2: The Appointments Committee of the Cabinet has approved the appointment of Rohit Jain as Deputy Governor of the Reserve Bank of India for a tenure of three years.

According to the official order, Jain, currently serving as Executive Director at the RBI, will assume charge on or after May 3, 2026, or until further orders, whichever is earlier.

He succeeds T Rabi Sankar, who retired from the post last month.

The Reserve Bank of India, established on April 1, 1935 under the provisions of the RBI Act, 1934, initially had its Central Office in Kolkata before it was permanently shifted to Mumbai in 1937. The Central Office serves as the hub where key monetary policies are formulated under the leadership of the Governor.

Originally a privately owned institution, the RBI was nationalised in 1949 and is now fully owned by the Government of India.

The central bank is responsible for regulating the issuance of currency notes, maintaining monetary stability, and managing the country’s credit system. It also operates a modern monetary policy framework aimed at ensuring price stability while supporting economic growth.

The RBI plays a key role in maintaining adequate liquidity in the banking system to meet the productive needs of the economy, including the rural sector, while ensuring effective transmission of policy rates to the market.