The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rohit Jain as the new Deputy Governor of the Reserve Bank of India (RBI) for a term of three years. Jain, who is currently serving as an Executive Director at the RBI, will take over the position from T Rabi Sankar, who retired last month. His appointment will be effective from May 3, 2026, or until further orders. The Reserve Bank of India, established on April 1, 1935, plays a vital role in maintaining monetary stability and regulating the currency and credit system in India. It aims to ensure sufficient liquidity in the banking system to meet the economy's productive needs, including those of the rural sector.