The appointment is for a period of three years from the date of joining the post on or after May 3, 2026, the Department of Personnel (DoP) said in a notification on Saturday.Jain spent around 30 years at the central bank where he held the Reserve Bank of India (RBI) in various functions including banking supervision, for which he was responsible as CEO before this appointment.Jain will replace T Rabi Sankar, whose term ended on Saturday after two extensions were granted in 2024 and 2025. Sancar was also a career governor of the central bank and took over as deputy governor in 2021.Vivek Deb, Rohit Jain, Radha Shyam Rathu and Ajay Kumar were the top executives who vied for the managing director’s post.
Jain has been an executive director at RBI since December 2020.As Senior Managing Director, Rabi Sankar was overseeing 12 departments including financial markets regulation, foreign exchange, risk oversight, fintech, and payment and settlement.The departments run by all the GMs are likely to be reshuffled after Jain takes charge. Jain becomes one of the two deputy governors promoted from within the institution, along with SC Murmu, who was promoted in October 2025. Other deputy governors include economist Poonam Gupta and banker Swaminathan J, both of whom were appointed from outside the RBI’s internal ranks.
