The Appointments Committee of the Little cupboard has approved the reappointment of Reserve Bank of India Deputy Governor Rajeshwar Rao for a period of one year with effect from October 9, 2023, they said.
He was appointed as RBI Vice Governor in October 2020 for a period of three years.
Rao was appointed Executive Director of the RBI in November 2016.
Rao studied economics and obtained a Master of Business Administration from Cochin University and joined the central bank in 1984.
As a career central banker, he comes into contact with various aspects of the functioning of the RBI. Previously he was responsible for the Risk Monitoring department.
He has also worked as a banking ombudsman in New Delhi and in the Reserve Bank’s regional offices in Ahmedabad, Hyderabad, Chennai and the national capital.
As per the RBI Act 1934, the central bank requires four deputy governors – two from the ranks, one a commercial banker and another an economist who heads the monetary policy department.