Reserve Bank of India executive director T Rabi Sankar has been named as the fourth Deputy Governor of the Central Bank, sources said.

According to RBI, Rabi Sankar is in charge of the payments system, fintech, information technology and risk management at the RBI. He succeeds B P Kanungo as the deputy governor, who retired on April 2 after getting a one year extension in his position.

Sankar fills the vacancy created by the retirement of BP Kanungo on April 2, after completing one-year extension. The Appointments Committee of the Cabinet on Saturday cleared his appointment for a three-year tenure or till he superannuates, whichever is earlier.

The other three deputy governors are Michael D Patra, who heads the all-important monetary policy department; Mukesh Kumar Jain, the commercial banker-turned-central banker; and Rajeshwar Rao. Sankar's portfolio may include the departments headed by Kanungo. He had joined the central bank as a research officer in September 1990. Sankar has a Master's degree in science and statistics from the Banaras Hindu University and a diploma in development planning from the Institute of Economic Growth.

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