Deputy Governor at the Reserve Bank of India (RBI) is Dr. Poonam Gupta. She assumed office on April 7, 2025, succeeding T. Rabi Sankar. Prior to this role, Dr. Gupta served as a Lead Economist at the World Bank.
Dr. Gupta’s appointment follows that of Swaminathan Janakiraman, who was appointed as Deputy Governor on June 26, 2023. Before joining the RBI, Janakiraman was the Managing Director at the State Bank of India (SBI).The RBI typically has four Deputy Governors. As of now, the serving Deputy Governors are Michael Patra, M. Rajeshwar Rao, Swaminathan Janakiraman, and Poonam Gupta.
More about Deputy Governor at the Reserve Bank of India
Poonam Gupta has been appointed as a Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, as announced on April 2, 2025. She succeeds Michael Patra, who served in this role from January 2020 until January 2025.
Prior to her appointment, Gupta was the Director General of the National Council of Applied Economic Research (NCAER), India’s largest economic policy research institute. She also served as a member of the Economic Advisory Council to Prime Minister Narendra Modi. Her extensive experience includes senior positions at the World Bank and the International Monetary Fund (IMF), as well as various academic roles over the past three decades. Notably, she chaired the Task Force on Macroeconomics and Trade during India’s G20 Presidency.
Gupta’s appointment comes at a critical time, with India’s economy experiencing sluggish growth amid global uncertainties. She is expected to join the six-member Monetary Policy Committee, which is scheduled to meet soon. Gupta has advocated for a reevaluation of the inflation targeting framework and suggests allowing the rupee’s exchange rate to fluctuate more than it has in recent times.
With her diverse background in international finance and economic policy, Gupta is poised to contribute significantly to the RBI’s efforts in navigating the current economic landscape.
Educational Background of Deputy Governor at the Reserve Bank of India:
- Bachelor’s Degree: Economics from Hindu College, University of Delhi, where she secured second rank in the university.
- Master’s Degree: Economics from the Delhi School of Economics, University of Delhi.
- Ph.D.: Economics from the University of Maryland, USA.
Professional Experience:
- Director General: National Council of Applied Economic Research (NCAER), India’s largest economic policy think tank.Lead Economist for India: World Bank, focusing on macroeconomic and market research.
- Economist: International Monetary Fund (IMF), contributing to the Asia and Pacific, European, and Research Departments.
- Academic Roles: Professor at the Delhi School of Economics; Visiting Faculty at the Indian Statistical Institute (ISI); RBI Chair Professor at the National Institute of Public Finance and Policy (NIPFP); Professor at the Indian Council for Research on International Economic Relations (ICRIER).
Advisory Roles:
- Member: Economic Advisory Council to the Prime Minister.
- Convener: Advisory Council to the 16th Finance Commission.
- Chair: Task Force on Macroeconomics and Trade during India’s G20 Presidency.
Research and Publications:
- Dr. Gupta has an extensive portfolio of publications focusing on macroeconomics and emerging market economies. Her work has been featured in leading academic journals and international media outlets such as The Economist, Financial Times, and The Wall Street Journal.
Awards and Recognition:
- In 1998, she received the EXIM Bank Award for her doctoral research in international economics.
- Dr. Gupta’s appointment as Deputy Governor of the RBI reflects her extensive experience and significant contributions to the fields of economics and public policy.
