On May 4, 2023, Rohit Jain took over as the Deputy Governor of the Reserve Bank of India (RBI), succeeding T Rabi Sankar, whose extended tenure concluded. Jain, previously an Executive Director at the RBI, will oversee ten departments, including the Foreign Exchange and Fintech Departments. Appointed for a term of three years or until further orders, Jain brings over 34 years of extensive experience in central banking. He has held various significant roles within the RBI, including Chief General Manager in the Department of Supervision and has actively participated in high-level committees such as the Basel Committee on Banking Supervision. Jain holds an MBA in Finance from Gujarat University and an M.Com from the Delhi School of Economics, along with certifications in banking risk and regulation. The RBI Act of 1934 stipulates that the central bank should have four deputy governors, ensuring a mix of internal and external expertise.