Rohit Jain named RBI deputy governor for three-year term
The government has appointed Rohit Jain as a deputy governor of the Reserve Bank of India, according to an official notification.
Jain’s appointment will take effect from May 3 and will be for a tenure of three years, the notification said.
He is currently serving as an executive director at the central bank.
Jain succeeds T. Rabi Sankar, who retired late last month. His portfolio allocation as deputy governor is yet to be announced.
The appointment comes at a time when the central bank continues to focus on currency management and financial system stability.
Meanwhile, RBI Governor Sanjay Malhotra -- speaking at the 25th FIMMDA-PDAI Annual Conference in Amsterdam, The Netherlands -- said India’s macroeconomic fundamentals remained strong because of consumption and sustained public investment, despite macroeconomic headwinds from geopolitical tensions.
The RBI Governor warned that continued fiscal expansion abroad, together with rising defence spending amid geopolitical tensions, could strain global fiscal sustainability. He cautioned that stretched valuations in some asset classes, especially in the technology sector, could pose broader risks for markets.
The government’s focus on capital expenditure has helped crowd in private investment and expand productive capacity, Malhotra said.
The RBI Governor said the disrupted supply chains and rising energy prices "has already affected economic activity."
"If the crisis persists longer, it may also translate into second-order inflationary pressures,” Malhotra said.
The central bank will move ahead with efforts to deepen financial markets, broaden participation and strengthen institutional frameworks as global uncertainty mounts, he said, adding financial markets in India had matured significantly due to policy efforts but required further progress.
