The Government of India appointed Rohit Jain as Deputy Governor of the Reserve Bank of India for a three-year term beginning May 3, 2026. He succeeded T. Rabi Sankar and earlier served as RBI Executive Director overseeing supervisory functions. Best Book for Current Affairs & General Knowledge Preparation
The appointment was approved by the Appointments Committee of the Cabinet under provisions of the Reserve Bank of India Act, 1934. RBI traditionally functions with four Deputy Governors handling banking regulation, monetary policy and financial supervision.
Rohit Jain is among the internal RBI officers elevated to Deputy Governor rank. Reports indicate he has served the central bank for nearly three decades across multiple operational and supervisory departments.
He replaced T. Rabi Sankar, who retired after completing his extended tenure. Sankar played a significant role in digital currency initiatives and fintech regulation during his tenure at RBI.
RBI was established on April 1, 1935, under the RBI Act, 1934, and nationalised in 1949. The central bank initially operated from Kolkata before permanently shifting headquarters to Mumbai in 1937.
Under the RBI framework, two Deputy Governors are usually promoted internally, one is appointed from the commercial banking sector, and one economist supervises monetary policy functions.
India’s Monetary Policy Committee operates under the amended RBI Act and targets consumer inflation at 4% with a tolerance band of 2–6%. The Deputy Governor handling monetary policy remains an important MPC member.
Expected Current Affairs Questions for UPSC CDS NDA and AFCAT Written Exam
Q1. Rohit Jain was appointed as Deputy Governor of which institution in 2026?
A. NABARD
B. SEBI
C. Reserve Bank of India
D. SIDBI
Answer: C. Reserve Bank of India
Explanation: Rohit Jain was appointed RBI Deputy Governor for a three-year tenure starting May 2026.
Q2. The Reserve Bank of India was established under which Act?
A. Banking Regulation Act, 1949
B. RBI Act, 1934
C. Finance Act, 1935
D. Indian Currency Act, 1927
Answer: B. RBI Act, 1934
Explanation: RBI was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
Q3. RBI’s inflation targeting framework aims to maintain CPI inflation at:
A. 3% ±1%
B. 5% ±2%
C. 4% ±2%
D. 6% ±2%
Answer: C. 4% ±2%
Explanation: The Monetary Policy Committee targets retail inflation at 4% with a tolerance range between 2% and 6%.
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