RBI Appoints R. Lakshmi Kanth Rao as Executive Director

RBI Ups Financial Accommodation for States/UTs by 28% to ₹60,118 Crore

The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao brings over 30 years of experience at the RBI, having previously served as Chief General Manager in charge of the Department of Regulation.

Responsibilities

Deposit Insurance and Credit Guarantee Corporation (DICGC): Rao will oversee operations related to the Deposit Insurance and Credit Guarantee Corporation, ensuring the protection of depositors’ interests.

Right to Information Act (FAA) and Department of Communication: In his role as Executive Director, Rao will be responsible for handling matters concerning the Right to Information Act and managing communications within the RBI.

Professional Background

Rao holds a commerce degree and a master’s in business administration with a specialization in finance from Sri Venkateswara University, Tirupati. Additionally, he is certified by the Indian Institute of Banking and Finance (IIBF), having completed a diploma in TIRM (Treasury and Risk Management). Throughout his career, Rao has contributed significantly to banking regulation, supervision, and consumer protection, serving in various capacities such as banking ombudsman and regional director. He has also been actively involved in policy formulation, participating in numerous committees and working groups.