The Reserve Bank of India (RBI) has assigned newly appointed Deputy Governor Rohit Jain charge of several critical verticals, including the foreign exchange and fintech departments, as part of a broader portfolio allocation following his appointment.
RBI assigns foreign exchange and fintech departments
Jain, who succeeds former Deputy Governor T Rabi Sankar, will oversee as many as 10 departments in his new role.
These include the Corporate Strategy and Budget Department, Department of External Investments and Operations, Department of Government and Bank Accounts, Department of Information Technology, Fintech Department, Financial Markets Regulation Department, Foreign Exchange Department, Internal Debt Management Department, Rajbhasha Department, and the Risk Monitoring Department.
Rohit Jain to oversee 10 departments in RBI
The responsibilities assigned to Jain were previously handled by Sankar. He formally assumed charge as Deputy Governor on Monday for a tenure of three years, following approval from the central government.
A career central banker, Jain brings over 34 years of experience within the RBI. He joined the central bank in 1991 and has held a range of key positions over the years.
RBI Deputy Governor Rohit Jain experience and role
Prior to his elevation, he served as an executive director, where he was responsible for the Department of Supervision, particularly supervisory assessment functions.
Earlier in his career, Jain also worked as Chief General Manager in charge of the Department of Supervision at the RBI’s Central Office, and headed the New Delhi Regional Office as Chief General Manager.
A career central banker with 30 years of experience at the RBI Previously served as an Executive Director at RBI Worked across key areas such as:
- Banking supervision
- Financial regulation
- Risk and analytics
- Human resources and operations
Focus on financial markets fintech and foreign exchange
His appointment comes at a time when the central bank is focusing on strengthening oversight of financial markets, enhancing fintech regulation, and managing foreign exchange operations amid evolving global and domestic economic conditions.
Meanwhile, the government appointed Rohit Jain as a deputy governor of the Reserve Bank of India on May 2.
He was serving as an executive director at the central bank.
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