RBI deputy governor M Rajeshwar Rao gets term extension by one year. Who is he?

RBI has four deputy governors – two from within the ranks, one commercial banker and another an economist to head the monetary policy department.

The central government on Monday extended the term of M Rajeshwar Rao as the Reserve Bank of India's (RBI) Deputy Governor by one year. The re-appointment has been approved by the Cabinet's Appointments Committee.

RBI dy governor M Rajeshwar Rao

“The central government has re-appointed shri M Rajeshwar Rao as Deputy Governor, Reserve Bank of India, for a period of one year with effect from October 9, 2023, of until further orders, whichever is earlier,” the press release by the central bank said.

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Rao was appointed as the Deputy Governor of the central bank in October 2020 for a period of three years.

Who is M Rajeshwar Rao?

1. An economics graduate and a masters of business administration from the University of Cochin, Rao joined the RBI in 1984.
2. He was elevated as RBI executive director in November 2016.
3. As a career central banker, he has exposure to various aspects of the RBI's functioning. He has previously held the charge of the Risk Monitoring Department.
4. He has also worked as the Banking Ombudsman in New Delhi and in the Reserve Bank's regional offices in Ahmedabad, Hyderabad, Chennai and the national capital.