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Time of India
a day ago
- Business
- Time of India
Top table rejig: Rabi Sankar appointed to 16th Finance commission as part-time member; after Ajay Jha's mid-term exit
A key change in the 16th Finance Commission lineup was announced on Saturday with RBI Deputy Governor T Rabi Sankar appointed as a part-time member, following the resignation of Ajay Narayan Jha on personal grounds. In a notification issued by the Department of Economic Affairs, the Finance Ministry stated, 'In pursuance of clause (1) of article 280 of the Constitution read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951, the President is pleased to appoint T Rabi Sankar as a part-time Member of the Sixteenth Finance Commission.' His term will run until the Commission submits its report or October 31, 2025, whichever is earlier. Currently, Sankar oversees the FinTech Department, the Financial Markets Operations Department, and the Financial Markets Regulation Department at the RBI. He has also been instrumental in the rollout of the Central Bank Digital Currency (CBDC). In April, the Appointments Committee of the Cabinet approved his reappointment as RBI Deputy Governor for one year. He was earlier Executive Director at the central bank, heading departments such as payment systems, information technology, fintech and risk monitoring. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo Sankar, who joined the RBI in 1990, joins a Commission chaired by economist Arvind Panagariya. The 16th Finance Commission, constituted in 2023, is tasked with recommending the distribution of net tax proceeds between the Union and the States and among States themselves. The Finance Commission's broader mandate includes redressing vertical fiscal imbalances between the Centre and States and promoting equity in public service delivery across States Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
a day ago
- Business
- The Hindu
Govt appoints RBI DG T. Rabi Sankar as 16th FinComm member
RBI Deputy Governor T. Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday (June 7, 2025). The appointment, the ministry said, 'is consequent to the resignation of one of the full-time members, former Finance Secretary Ajay Narayan Jha, on personal grounds'. "The President has appointed T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC)," the ministry said in a statement. 'Mr. Sankar will hold office from the date of assuming charge until the submission of the Commission's Report or October 31, 2025, whichever is earlier,' it added. The commission, chaired by former Vice-Chairman of Niti Aayog Arvind Panagariya, has four members and is assisted by Secretary Ritvik Pandey, two joint secretaries and one economic advisor. Retired bureaucrat Annie George Mathew and economist Manoj Panda are full-time members of the commission, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. The government constituted the 16th Finance Commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by October 31, 2025. The report would be for five years commencing on April 1, 2026. Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission will review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005. The Finance Commission is a constitutional body to provide suggestions on centre-state financial relations. The erstwhile 15th Finance Commission under N.K. Singh had recommended that states be given 41% of the divisible tax pool of the Centre during the five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission under Y.V. Reddy.
Hindustan Times
a day ago
- Business
- Hindustan Times
RBI deputy governor T Rabi Sankar appointed member of 16th Finance Commission
RBI Deputy Governor T Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday. The appointment, the ministry said, is consequent to the resignation of one of the full-time members, former finance secretary Ajay Narayan Jha, on personal grounds. "The President has appointed T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC)," the ministry said in a statement. Sankar will hold office from the date of assuming charge until the submission of the Commission's Report or October 31, 2025, whichever is earlier, it added. The commission, chaired by former vice chairman of Niti Aayog Arvind Panagariya, has four members and is assisted by Secretary Ritvik Pandey, two joint secretaries and one economic advisor. Retired bureaucrat Annie George Mathew and economist Manoj Panda are full-time members of the commission, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. The government constituted the 16th Finance Commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026. Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission will review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005. The Finance Commission is a constitutional body to provide suggestions on centre-state financial relations. The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during the five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission under YV Reddy.
Mint
a day ago
- Business
- Mint
Govt appoints RBI DG T Rabi Sankar as 16th FinComm member
New Delhi, Jun 7 (PTI) RBI Deputy Governor T Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday. The appointment, the ministry said, is consequent to the resignation of one of the full-time members, former finance secretary Ajay Narayan Jha, on personal grounds. "The President has appointed T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC)," the ministry said in a statement. Sankar will hold office from the date of assuming charge until the submission of the Commission's Report or October 31, 2025, whichever is earlier, it added. The commission, chaired by former vice chairman of Niti Aayog Arvind Panagariya, has four members and is assisted by Secretary Ritvik Pandey, two joint secretaries and one economic advisor. Retired bureaucrat Annie George Mathew and economist Manoj Panda are full-time members of the commission, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh is a part-time member. The government constituted the 16th Finance Commission under the chairmanship of Panagariya on December 31, 2023. The panel would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026. Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission will review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005. The Finance Commission is a constitutional body to provide suggestions on centre-state financial relations. The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during the five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission under YV Reddy.
