The Reserve Bank of India (RBI) has appointed Rohit Jain as a deputy governor, filling the vacancy left by T Rabi Sankar's retirement. This appointment comes at a critical time when the central bank is focusing on preparing banks for emerging risks, particularly cybersecurity threats.
Background and Appointment
Rohit Jain, who served as an executive director since December 2020, was previously responsible for the supervisory assessment of banks and financial institutions under the department of supervision. His new term as deputy governor extends until May 2029. The portfolios for the deputy governors are expected to be announced later this week after Jain formally assumes office.
Succession and Portfolio
T Rabi Sankar, who served as deputy governor since 2021, oversaw a wide-ranging portfolio that included corporate strategy and budget, currency management, external investments and operations, information technology, payment and settlement systems, fintech, financial markets regulation, foreign exchange, and internal debt management. With Sankar's departure, the allocation of these responsibilities among the current deputy governors will be reviewed.
Currently, Shirish Chandra Murmu handles regulatory and enforcement functions, communication, and management of government and bank accounts. Swaminathan J oversees supervision, consumer protection, and inspection of financial entities. Poonam Gupta manages macroeconomic, monetary, and external functions, including economic research, statistics, monetary policy, financial markets operations, financial stability, and international relations.
Cybersecurity Focus
Rohit Jain's expertise in cybersecurity was evident in his address at a G20 finance ministers' and central bank governors' meeting in Bengaluru in 2023. He emphasized that banks and financial institutions must adequately resource their security architecture and integrate safeguards into core processes. He stated, "Security by design needs to be embedded as part of the banking processes, and security controls should be conceived and implemented."
This appointment underscores the RBI's commitment to strengthening the financial system's resilience against cyber threats and other emerging risks.
