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.
Deputy Governor M. Rajeshwar Rao’s Tenure Extension at RBI
| Key Points | Details |
|---|---|
| Why in News | M. Rajeshwar Rao’s tenure as Deputy Governor of the RBI has been extended for one year, effective from October 9, 2024. Approved by the Appointments Committee of the Cabinet (ACC). |
| Approval Authority | The extension was granted by the ACC, chaired by Prime Minister Narendra Modi, as per the notification on October 4, 2024. |
| Initial Appointment | Rao was first appointed Deputy Governor in October 2020 for a three-year term, followed by a one-year extension in 2023. |
| Educational Background | Holds an economics degree and an MBA from the University of Cochin. |
| RBI Experience | Joined RBI in 1984, served in various departments, and became Executive Director in November 2016. |
| Key Responsibilities | Oversees the Department of Regulation, Communication, Enforcement, Legal, and Risk Monitoring Departments. |
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