High desk rejig: Rabi Sankar appointed to sixteenth Finance fee as part-time member; after Ajay Jha’s mid-term exit

A key change within the sixteenth Finance Fee lineup was introduced on Saturday with RBI Deputy Governor T Rabi Sankar appointed as a part-time member, following the resignation of Ajay Narayan Jha on private grounds.In a notification issued by the Division of Financial Affairs, the Finance Ministry acknowledged, “In pursuance of clause (1) of article 280 of the Structure learn with the provisions of the Finance Fee (Miscellaneous Provisions) Act, 1951, the President is happy to nominate T Rabi Sankar as a part-time Member of the Sixteenth Finance Fee.” His time period will run till the Fee submits its report or October 31, 2025, whichever is earlier.At the moment, Sankar oversees the FinTech Division, the Monetary Markets Operations Division, and the Monetary Markets Regulation Division on the RBI. He has additionally been instrumental within the rollout of the Central Financial institution Digital Forex (CBDC).In April, the Appointments Committee of the Cupboard authorised his reappointment as RBI Deputy Governor for one 12 months. He was earlier Govt Director on the central financial institution, heading departments corresponding to fee programs, info expertise, fintech and danger monitoring.Sankar, who joined the RBI in 1990, joins a Fee chaired by economist Arvind Panagariya. The sixteenth Finance Fee, constituted in 2023, is tasked with recommending the distribution of web tax proceeds between the Union and the States and amongst States themselves.The Finance Fee’s broader mandate consists of redressing vertical fiscal imbalances between the Centre and States and selling fairness in public service supply throughout States