Finance ministry On Saturday, RBI Deputy Governor T Rabi Shankar has been made a part -time member of the 16th Finance Commission. The ministry said that the appointment was made due to the resignation of former Finance Secretary Ajay Narayan Jha, a full -time member. The Ministry said in a statement, “The President has appointed TR Rabi Shankar, Deputy Governor of the Reserve Bank of India (RBI), as part -time member of the 16th Finance Commission.” Shankar will remain in his posts from the date of taking over to the Commission from the date of taking charge or by October 31, 2025, whichever is earlier, who will remain in his post.
16th Finance Commission
The commission headed by former Vice President of NITI Aayog, Arvind Panagariya, has four members. Secretary Ritwik Pandey, two joint secretaries and an economic advisor assist him. The 16th Finance Commission was formed on 31 December 2023. It is being chaired by Arvind Panagariya, former Vice President of NITI Aayog. The Commission is expected to submit its recommendations by October 31, 2025, which will be applicable for a five -year period starting from April 1, 2026. The Finance Commission is a constitutional body suggesting the Center-State Financial relations. N.K. The 15th Finance Commission, chaired by Singh, recommended that 41 percent of the Center’s divisible tax pool should be given to the states during a five-year period of 2021-22 to 2025-26, which YV. The 14th under the chairmanship of Reddy is the same as the recommended level by the Finance Commission.
Who is T. Rabi Shankar?
In April, the Central Government appointed T. Rabi Shankar as the Deputy Governor of the Reserve Bank of India (RBI) for the second time, which is effective from May 3. He was first appointed for a three -year term in May 2021 and received a one -year expansion in May 2024. Shankar currently leads 13 departments in RBI. In January this year, he was given additional charge of financial market rules and Fintech Department. He also oversees currency management, external investment and operations and foreign exchange departments. He has played an important role in the development of Central Bank Digital Currency (CBDC). Since joining RBI in 1990, Shankar has served several senior positions including payment, IT and Executive Director in charge of Risk Management. From 2005 to 2011, he worked as an advisor with the International Monetary Fund (IMF), focusing on government bond markets and debt management. He also served as the Chairman of the Indian Financial Technology and Allied Services (IFTAS). Jawaharlal Nehru University alumni, T. Rabi Shankar has made an M.P. in Economics.
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