T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI) has been appointed as the part-time Member of the 16th Finance Commission (XVIFC). The tenure of T. Rabi Shankar as part-time Member of the 16th Finance Commission will be from the date on which he assumes charge till the submission of the report of the Commission or till October 31, 2025, whichever is earlier. The appointment of T. Rabi Sankar is consequent to the resignation of one of the full-time Members of the XVIFC, Ajay Narayan Jha, on personal grounds.
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| T. Rabi Sankar Appointed As part-time Member of 16th Finance Commission |
President Droupadi Murmu Appoints T. Rabi Sankar As part-time Member of 16th Finance Commission
President Smt. Droupadi Murmu has appointed T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC). He shall hold office from the date of assuming charge until the submission of the Commission's Report or 31st October, 2025, whichever is earlier.
RBI Governor T. Rabi Shankar has been appointed as a part-time member of the 16th Finance Commission. He has been given this responsibility after one of the full-time members, Ajay Narayan Jha, resigned due to personal reasons.
Tenure of T. Rabi Shankar
The tenure of T. Rabi Shankar as part-time Member of the 16th Finance Commission (XVIFC) of India will be from the date on which he assumes charge till the submission of the report of the Commission or till October 31, 2025, whichever is earlier.
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About T. Rabi Sankar part-time Member of XVIFC
T. Rabi Shankar started his banking career by joining the bank in 1990. He has worked in various positions in the Reserve Bank of India.
Rabi Shankar was appointed RBI Deputy Governor by the government of India in May 2021 after the retirement of Bibhu Prasad Kanungo. Earlier, he was serving as the Executive Director of RBI.
As Executive Director, he was looking after the Department of Payment and Settlement Systems, the Department of Information Technology, Fintech and the Risk Monitoring Department in RBI.
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His areas of expertise include exchange rate management, reserves portfolio management, public debt management, monetary operations and development, regulation and surveillance of financial markets, payment systems and IT infrastructure.
T. Rabi Sankar has served as an IMF Consultant (2005-11) on developing Government bond markets and debt management.
He represented RBI on international forums like Bank for International Settlements and various internal and external expert committees and working groups.
Educational Life of T. Rabi Sankar
T. Rabi Sankar has a Master of Philosophy in Economics from the Jawaharlal Nehru University, New Delhi.
About Finance Commission of India
The Finance Commission is a commission constituted by the President of India every fifth year or earlier under Article 280 of the Indian Constitution. The Finance Commission normally takes about two years to make their recommendations, which are aimed at defining the financial relations between the Union Government of India and the individual state governments. The first Commission was set up in 1951 under the Finance Commission Act, 1951.
16th Finance Commission (XVIFC)
The 16th Finance Commission (XVIFC) was constituted on 31st December, 2023, with Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog, as its chairman. The XVIFC is mandated to submit its recommendations by 31st October, 2025, for the award period of five years commencing from 1st April, 2026.
Terms of Reference for 16th Finance Commission
The 16th Finance Commission will make recommendations in respect of the following terms of reference, which are as follows.
- The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds.
- The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article.
- The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
Static Current Affairs related to 16th Finance Commission for upcoming exams
- Formation: 31 December 2023
- Headquarters: New Delhi
- Chairman: Arvind Panagariya
- Members: Annie George Mathew, Dr. Manoj Panda
- Part- Members: Soumya Kanti Ghosh, T. Rabi Sankar
- Secretary: Ritvik Ranjanam Pandey, IAS
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