The President has appointed Shri T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16^th Finance Commission (XVIFC). He shall hold office from the date of assuming charge until the submission of the Commission's Report or 31^st October, 2025, whichever is earlier.

The appointment of Shri T. Rabi Sankar is consequent to the resignation of one of the full-time Members of the XVIFC, Shri Ajay Narayan Jha, on personal grounds.

The XVIFC was constituted on 31^st December, 2023, with Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog, as its chairman. The XVIFC is mandated to submit its recommendations by 31^st October, 2025, for the award period of five years commencing from 1^st April, 2026.

Part time finance commission appointment: new member to serve until submission of the Commission's report or an earlier deadline. Shri T. Rabi Sankar has been appointed as a part time Member of the 16th Finance Commission and will hold office from assumption of charge until the Commission submits its report or until 31 October 2025, whichever is earlier; the appointment fills a vacancy caused by the resignation of a full time member and the Commission is mandated to submit recommendations for the five year award period commencing 1 April 2026 by the stated deadline.