RBI Deputy Governor M. Rajeshwar Rao’s Tenure Extended for One Year

The government has approved a one-year extension for M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI), effective October 9, 2024. This decision was made by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, following a notification dated October 4. Rao’s tenure was initially set for three years starting from October 2020, and this marks his second consecutive one-year extension.

Background of M. Rajeshwar Rao

Rao is an accomplished central banker, holding an economics degree and an MBA from the University of Cochin. Since joining the RBI in 1984, he has gained extensive experience across various departments within the bank. Before becoming Deputy Governor, he served as an executive director since November 2016.

RBI Tenure Extended: Key Points

Official Announcement: The Union government has extended M. Rajeshwar Rao’s tenure as Deputy Governor of the Reserve Bank of India (RBI) for one year, effective from October 9, 2024.

Approval Authority: The extension was approved by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, as per a notification issued on October 4, 2024.

Previous Tenure: Rao was initially appointed as Deputy Governor in October 2020 for a three-year term, which was extended by one year in October 2023.

Professional Background: M. Rajeshwar Rao is an economics graduate with a Master of Business Administration from the University of Cochin. He joined the RBI in 1984 and has held various roles throughout his career.

Experience: Prior to his appointment as Deputy Governor, Rao served as an executive director at the RBI from November 2016.

Key Responsibilities: In his role, he will continue to oversee critical departments including:

• Department of Regulation
• Department of Communication
• Enforcement Department
• Legal Department
• Risk Monitoring Department

Significance: Rao’s leadership is crucial for navigating the RBI’s policies and regulatory frameworks, especially in the current economic landscape. His experience and knowledge contribute to the stability and integrity of the Indian banking system.