The Government of India has appointed Rohit Jain as the new Deputy Governor of the Reserve Bank of India (RBI) for a term of three years, effective from May 3, 2023. He succeeds T Rabi Sankar, whose term concluded recently. Jain, who currently serves as an Executive Director at the RBI, will join the ranks of the central bank's leadership, which includes three other deputy governors: Swaminathan J, Poonam Gupta, and S C Murmu. The RBI, established in 1935, plays a crucial role in managing India's monetary policy and ensuring financial stability. Recently, RBI Governor Sanjay Malhotra called on banks to guarantee equitable access to financial markets for all participants. He highlighted the importance of transparency and regulatory compliance among market entities. Malhotra also noted that India's foreign exchange reserves are sufficient to cover approximately 11 months of imports, while the current account deficit remains manageable despite rising energy costs.