New Delhi [India], May 2 (ANI): The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rohit Jain as Deputy Governor of the Reserve Bank of India (RBI) for a period of three years.

'The Appointments Committee of the Cabinet has approved the appointment of Rohit Jain, Executive Director, Reserve Bank of India to the post of Deputy Governor, Reserve Bank of India for a period of three years from the date of joining the post on or after 03.05.2026 or until further orders, whichever is earlier,' the order stated.

Jain replaces T Rabi Sankar, who retired as Deputy Governor, last month. He is serving as Executive Director at the Reserve Bank of India.

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

RBI regulates the issue of Bank notes and keeps reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.

It keeps a modern monetary policy framework to meet the challenge of an increasingly complex economy, seeks to maintain price stability while keeping in mind the objective of growth.

RBI endeavours to maintain sufficient liquidity in the banking system to ensure that the productive requirements of the economy including rural sector are met and transmission to market rates remains robust. (ANI)