The government has appointed Rohit Jain as deputy governor of the Reserve Bank of India for a three‑year tenure beginning May 3, succeeding T. Rabi Sankar who retired last month. Jain, currently serving as an executive director at the central bank, will take on his new role as the RBI continues to prioritize currency management and financial system stability. His portfolio allocation is yet to be announced. The appointment comes amid global economic headwinds, with RBI Governor Sanjay Malhotra emphasizing India’s strong macroeconomic fundamentals driven by consumption and sustained public investment, even as geopolitical tensions pose risks.
Speaking at the 25th FIMMDA‑PDAI Annual Conference in Amsterdam, Malhotra cautioned that rising defence spending and fiscal expansion abroad could strain global fiscal sustainability, while stretched valuations in technology assets may trigger broader market risks. He noted that disrupted supply chains and rising energy prices have already affected economic activity and could fuel second‑order inflationary pressures if the crisis persists. Malhotra underlined the RBI’s commitment to deepening financial markets, broadening participation, and strengthening institutional frameworks, stressing that while India’s markets have matured significantly, further progress is essential to withstand mounting global uncertainty.