The government has appointed Rohit Jain as the deputy governor of the Reserve Bank of India (RBI), after T. Rabi Sankar’s tenure ended in April. Jain, who was the executive director and in charge of the department of supervision, which included NBFCs and banks. will take charge for a period of three years.

The Appointments Committee of the Cabinet on Saturday approved the appointment of Jain, according to an official order issued by the Government of India. The order specifies that Jain’s tenure will begin on or after May 3, 2026, or until further orders, whichever is earlier.

Sankar used to handle some important regulations such as financial markets regulations, foreign exchange and payment and settlement systems. Sankar had been appointed in 2021 and later received extensions in 2024 and 2025, before completing his term.

Sankar had been in the news recently for criticising market makers for their role in making the rupee weaker in recent weeks, after the start of the West Asia war. Sankar had reportedly said the arbitrage between local and offshore markets strained dollar liquidity at a time when the rupee was under pressure due to large foreign outflows. He was speaking at the annual foreign exchange dealers’ conference in Paris, in April 2026.

The rupee has depreciated near 6% in 2026 against the dollar and the central bank has taken various steps to defend the rupee against the US dollar and reduce volatility.

In recent years, Jain has handled roles which included supervision of banks, risk analysis and HR management. Sankar used to handle some important regulations such as financial markets regulations, foreign exchange and payment and settlement systems. The RBI is likely to announce Jain’s new portfolio soon.

The other deputy governors at the RBI are Swaminathan Janakiraman, Poonam Gupta and Shirish Chandra Murmu. The RBI Act, 1934, says that the central bank should have four deputy governors, two from within the ranks, one commercial banker and an economist to head the monetary policy department.