M Rajeshwar Rao appointed RBI deputy governor; banker succeeds NS Vishwanathan

Rao, who joined the RBI in 1984, has previously held charge of the Risk Monitoring Department of the central bank

Press Trust of India October 07, 2020 23:47:48 IST
M Rajeshwar Rao appointed RBI deputy governor; banker succeeds NS Vishwanathan

A woman walks past the Reserve Bank of India (RBI) head office in Mumbai, India, December 6, 2017. REUTERS/Shailesh Andrade - RC1762284C00

The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank.
Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.

"The Appointments Committee of the Cabinet has approved the appointment of M Rajeshwar Rao, Executive Director, Reserve Bank of India to the post of Deputy Governor Reserve Bank of India (RBI)," a notification by the Department of Personnel and Training said.

Rao was elevated as executive director in November 2016. He is currently looking after Internal Debt Management Department, International Department and Financial Markets Operation Department.

An economics graduate and a Master of Business Administration from the University of Cochin, Rao joined RBI in 1984.

As a career central banker, he has exposure in various aspects of the central bank's functioning. He has previously held charge of the Risk Monitoring Department.

He has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank's regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.

According to the RBI Act, 1934, the central bank needs to have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department.

The RBI's other three deputy governors are BP Kanungo, MK Jain and Michael Debabrata Patra.

Earlier this year, the government extended Kanungo's tenure by a year with effect from 3 April, 2020.

Kanungo, whose term was to end on 2 April, had taken charge as deputy governor in April 2017.

The deputy governor appointments are made for an initial period of three years and the person is eligible for reappointment.
The deputy governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.

Updated Date:

also read

Petrol and diesel prices today on 13 October 2021: Rates remain constant, check here
India

Petrol and diesel prices today on 13 October 2021: Rates remain constant, check here

Petrol and diesel prices: Petrol price in Delhi stands at Rs 104.44 per litre while diesel is available for Rs 93.17. In Mumbai, petrol is retailing at Rs 110.41 while diesel costs Rs 101.03

Petrol and diesel prices hiked today on 11 October 2021: Check rates in your city here
India

Petrol and diesel prices hiked today on 11 October 2021: Check rates in your city here

Petrol and diesel prices: Petrol price in Delhi stands at Rs 104.44 per litre while diesel is available for Rs 93.17. In Mumbai, petrol is retailing at Rs 110.41 while diesel costs Rs 101.03

Petrol and diesel prices hiked today on 10 October 2021: Check rates in your city here
India

Petrol and diesel prices hiked today on 10 October 2021: Check rates in your city here

Petrol and diesel prices: Petrol price in Delhi stands at Rs 104.14 per litre while diesel is available for Rs 92.82. In Mumbai, petrol is retailing at Rs 110.12 while diesel costs Rs 100.66