MUMBAI: The appointments committee of the cabinet has approved the appointment of Reserve Bank of India (RBI) executive director (ED) Rohit Jain as deputy governor (DG) of the banking regulator.The appointment is for a period of three years from the date of joining the post on or after May 3, 2026, the Department of Personnel (DoP) said in a notification on Saturday.Jain has spent about 30 years at the central bank with RBI handling several functions including banking supervision, which he was in-charge of as ED before this appointment.Jain will replace T Rabi Sankar, whose tenure ended on Saturday after two extensions granted in 2024 and 2025. Sankar was also a career central banker and took over as deputy governor in 2021.Vivek Deep, Rohit Jain, Radha Shyam Ratho and Ajay Kumar were the senior most executive directors in the fray for the DG post. Jain has been an ED with the RBI since December 2020.As senior most DG, Rabi Sankar had oversight of 12 departments including financial markets regulation, foreign exchange, risk monitoring, fintech and payment and settlement.The departments managed by all DGs will most likely be reshuffled after Jain takes over. Jain became one of the two deputy governors promoted from within the institution, along with SC Murmu, who was elevated in October 2025. The other deputy governors include economist Poonam Gupta and banker Swaminathan J, both appointed from outside the RBI’s internal ranks.
