RBI Deputy Governor Rohit Jain takes charge of forex, fintech and 8 other departments
Synopsis
Rohit Jain, the RBI's newly appointed Deputy Governor, has taken charge of 10 departments — including the high-stakes Foreign Exchange and Fintech verticals — stepping into a role vacated by T Rabi Sankar. With India's fintech sector under intensifying regulatory scrutiny and forex management facing global headwinds, Jain's portfolio puts him at the centre of the RBI's most consequential oversight functions.
Key Takeaways
Rohit Jain was appointed RBI Deputy Governor by the central government on 2 May 2025 for a three-year tenure.
He formally assumed charge on Monday and now oversees 10 departments , including the Foreign Exchange and Fintech departments.
Jain succeeds former Deputy Governor T Rabi Sankar , inheriting the same portfolio.
A career central banker, he brings over 34 years of RBI experience, having joined in 1991 .
Prior to elevation, he served as Executive Director overseeing the Department of Supervision .
The Reserve Bank of India (RBI) has assigned newly appointed Deputy Governor Rohit Jain oversight of 10 critical departments, including the Foreign Exchange Department and the Fintech Department, following his formal assumption of charge on Monday, 5 May 2025. Jain, appointed by the central government on 2 May 2025, succeeds former Deputy Governor T Rabi Sankar and will serve a three-year tenure.
Departments Under Jain's Charge
The 10 departments now under Jain's portfolio are: the Corporate Strategy and Budget Department, Department of External Investments and Operations, Department of Government and Bank Accounts, Department of Information Technology, Fintech Department, Financial Markets Regulation Department, Foreign Exchange Department, Internal Debt Management Department, Rajbhasha Department, and the Risk Monitoring Department. All these responsibilities were previously held by his predecessor, Sankar.
Jain's Career at the RBI
A career central banker with over 34 years of experience, Jain joined the RBI in 1991 and has held several senior positions across the institution. Prior to his elevation as Deputy Governor, he served as Executive Director, where he oversaw the Department of Supervision, focusing specifically on supervisory assessment functions.
Earlier in his career, Jain served as Chief General Manager in charge of the Department of Supervision at the RBI's Central Office and also headed the New Delhi Regional Office in the same capacity. His deep familiarity with supervisory and regulatory frameworks makes him a well-suited choice for the portfolio he now inherits.
Why This Appointment Matters
Jain's appointment arrives at a particularly consequential moment for the RBI. The central bank is intensifying its oversight of financial markets, accelerating fintech regulation, and actively managing foreign exchange operations against a backdrop of shifting global economic conditions and domestic monetary pressures. Notably, the Fintech Department and Financial Markets Regulation Department — both under his charge — are among the RBI's fastest-evolving regulatory verticals, reflecting the growing complexity of India's digital financial ecosystem.
This is the second significant leadership transition at the RBI's Deputy Governor level in recent months, underscoring the institution's focus on continuity in critical oversight functions. The RBI currently has four Deputy Governors, each responsible for distinct functional clusters.
What to Watch Next
With Jain now formally in position, market participants and fintech stakeholders will closely monitor any policy signals emerging from his departments — particularly on foreign exchange management and evolving fintech regulatory guidelines. His first major policy cycle as Deputy Governor is expected to unfold over the coming quarters.
Point of View
Signalling institutional stability over reform signalling. But the real test lies in the Fintech Department, where regulatory frameworks are still catching up with market realities, and the Foreign Exchange Department, which faces growing pressure from rupee volatility and capital flow uncertainty. With 34 years inside the institution, Jain is the consummate insider — the question is whether the moment calls for an insider's steadiness or an outsider's disruption. Given the RBI's current posture of calibrated caution, the former appears to be the deliberate choice.
NationPress
7 Jul 2026
Frequently Asked Questions
Who is Rohit Jain, the new RBI Deputy Governor?
Rohit Jain is a career central banker with over 34 years of experience at the Reserve Bank of India, having joined in 1991. He was serving as Executive Director before being appointed Deputy Governor by the central government on 2 May 2025.
Which departments does RBI Deputy Governor Rohit Jain oversee?
Rohit Jain oversees 10 departments including the Foreign Exchange Department, Fintech Department, Financial Markets Regulation Department, Department of Information Technology, Risk Monitoring Department, and five others covering government accounts, external investments, internal debt, corporate strategy, and Rajbhasha.
Who did Rohit Jain succeed as RBI Deputy Governor?
Rohit Jain succeeds T Rabi Sankar as Deputy Governor at the RBI. He has inherited the same portfolio of 10 departments that Sankar previously managed.
Why is Rohit Jain's appointment significant?
Jain's appointment is significant because his portfolio covers the RBI's most dynamic regulatory areas — fintech and foreign exchange — at a time when India's digital financial sector is expanding rapidly and global economic conditions are adding pressure on currency management.
How long is Rohit Jain's tenure as RBI Deputy Governor?
Rohit Jain has been appointed for a three-year tenure as Deputy Governor of the Reserve Bank of India, following approval from the central government on 2 May 2025.
