Who is Rohit Jain, the new RBI deputy governor?

The government has appointed Rohit Jain as an RBI deputy governor for a three-year term from May 2026. The move brings a longtime insider with banking supervision experience into a key role as portfolios are set to be reshuffled.

In Short

• Rohit Jain appointed deputy governor for 3 years from May 2026
• Jain replaces T Rabi Sankar after two tenure extensions
• Chosen for expertise in banking supervision and internal knowledge

The government has appointed Rohit Jain as the new deputy governor of the Reserve Bank of India, bringing in a seasoned insider to one of the most important positions in India’s financial system.

The appointment, approved by the Appointments Committee of the Cabinet, will be for a three-year term starting on or after May 3, 2026, according to an official notification.

Jain replaces T Rabi Sankar, whose tenure ended after receiving two extensions in 2024 and 2025.

WHO IS ROHIT JAIN?

Rohit Jain is a career central banker with close to 30 years of experience at the RBI.

He has been serving as an executive director at the central bank since December 2020 and was most recently in charge of banking supervision, a key role that involves overseeing the functioning and stability of banks.

Over the years, Jain has handled multiple critical functions within the RBI, giving him deep insight into India’s financial system and regulatory framework.

His appointment also makes him one of the deputy governors promoted from within the RBI, alongside S C Murmu, who was elevated in October 2025.

WHY HE WAS CHOSEN

Jain was among the senior-most executive directors being considered for the role, along with Vivek Deep, Radha Shyam Ratho and Ajay Kumar.

His long experience within the RBI and his work in banking supervision are seen as key factors behind his selection.

The move signals continuity, with the central bank opting for an internal candidate who understands its systems and challenges.

WHAT DOES AN RBI DEPUTY GOVERNOR DO?

The RBI has four deputy governors, each handling multiple departments that are crucial to the functioning of the financial system.

These include areas such as:

• Banking regulation and supervision
• Financial markets
• Foreign exchange
• Fintech and payments
• Risk monitoring

As the senior-most deputy governor, T Rabi Sankar oversaw 12 departments, including financial markets regulation and payment systems. Jain’s portfolio is yet to be announced and is expected to be finalised soon.

With Jain taking charge, responsibilities among the deputy governors are likely to be reshuffled.

• Swaminathan J
• Poonam Gupta
• S C Murmu

Jain’s appointment maintains the RBI’s mix of internal and external expertise in its leadership.

The appointment comes at a time when the RBI is navigating global uncertainty, managing inflation risks, overseeing financial stability, and dealing with rapid changes in fintech and digital payments.

Jain’s experience in banking supervision could play a key role in strengthening oversight of banks and financial institutions, especially as the sector faces evolving risks.

- Ends