The Modi government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India. He is currently serving as executive director of RBI.
The position had been lying vacant for more than six months after N.S. Vishwanathan retired on March 31. Vishwanathan, who retired three months ahead of schedule due to health reasons, was in-charge of portfolios including banking regulation, which formulated important policies like stressed asset resolution and bank licences.
Rao’s appointment as the new deputy governor, who will look after both banking regulation as well as regulation for non-banking finance companies, gains further significance at the time when the industry is facing turbulent times amid the Covid-19 crisis.