Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar was appointed as a part-time member of the 16th Finance Commission (XVIFC) by President Droupadi Murmu on Saturday, June 7.
His appointment is made under clause (1) of Article 280 of the Constitution, along with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951.
"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 finance ministry said in an official statement.
T. Rabi Sankar will serve from the date he assumes office until the Finance Commission submits its report or until 31st October 2025, whichever is earlier.
The appointment follows the resignation of Ajay Narayan Jha, who stepped down from his position as a full-time member of the Commission for personal reasons, the statement 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.
(With inputs from PTI)
(Edited by : Priyanka Deshpande)
