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Informist, Saturday, Jun. 7, 2025

 

NEW DELHI – The government has appointed T. Rabi Sankar, deputy governor at the Reserve Bank of India, as part-time member of the Sixteenth Finance Commission, the finance ministry said in a release Saturday. Sankar will replace Ajay Narayan Jha, a full-time member on the panel, the release said.

 

Jha, a former expenditure secretary as well as a member of the Fifteenth Finance Commission, has resigned on personal grounds, the ministry said. Sankar will hold the office of part-time member of the panel from the date of assuming charge until the submission of the commission's report or Oct. 31, 2025, whichever is earlier, it added.

 

Sankar, who has been the RBI deputy governor since May 2021, had last month received a second extension after his previous four-year term ended. Sankar currently heads the central bank's departments of currency management, foreign exchange, financial markets operations and regulation, internal debt management and payments and settlement systems. 

 

The Sixteenth Finance Commission, chaired by former NITI Aayog vice-chairman Arvind Panagariya, includes former special secretary in the finance ministry's Department of Expenditure Annie George Mathew, and State Bank of India Group Chief Economic Advisor Soumya Kanti Ghosh.

 

RBI Deputy Governor Poonam Gupta is the convenor of the advisory council for the Sixteenth Finance Commission. The council advises the finance commission on matters related to its terms of reference. There are four other members on this advisory council – Ernst and Young India Chief Policy Advisor D.K. Srivastava, Economist Rahul Bajoria, HSBC Chief India Economist Pranjul Bhandari, and Axis Bank Chief Economist Neelkanth Mishra.

 

The Sixteenth Finance Commission will submit its report on the layout of Centre-state financial relations for the five years starting 2026-27 (Apr-Mar), by Oct. 31, 2025. The Union Cabinet had approved the terms of reference for the panel in November.  End

 

 

Reported by Krity Ambey

Edited by Tanima Banerjee

 

 

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