NEW DELHI, Apr 22: The Government has extended the term of RBI Deputy Governor T Rabi Sankar for another one year till May 2026, according to sources.

  This is the second one-year extension granted to him.

The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Rao for a period of one year with effect from May 3, 2025, or until further orders, sources said quoting a Government order dated April 21.

The ACC is headed by Prime Minister Narendra Modi.

He was appointed as RBI Deputy Governor in May 2021 for an initial period of three years.

In his previous role as Executive Director, Sankar was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department in RBI.

Sankar has also in the past served as an IMF Consultant (2005-11) towards developing government bond markets and debt management.

Outside his career at the RBI, Sankar holds the role of Chairman at Indian Financial Technology and Allied Services (IFTAS) and is also a member of the Board of Directors at ReBIT (Reserve Bank Information Technology Private Limited) and a member of the governing council at IDRBT (Institute for Development & Research in Banking Technology). (PTI)