The President has appointed Shri 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.

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 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.