Govt grants one-year extension to RBI Deputy Governor Rajeshwar Rao   

The government has extended the term of RBI Deputy Governor M Rajeshwar Rao for a period of one year, say sources.

The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, had approved the re-appointment of Rao for one year with effect from October 9, 2024, or until further orders, said sources, quoting a government order dated October 4.

Rao was appointed as the RBI Deputy Governor in October 2020 for three years. He was elevated as the RBI Executive Director in November 2016. An economics graduate and a master of business administration from the University of Cochin, he had joined the central bank in 1984.

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.