The Deputy Governor of the Reserve Bank of India (RBI), M. Rajeshwar Rao, has been granted a one-year extension, effective from October 10, 2023. This extension was approved by the Appointments Committee of the Cabinet, as indicated in an official order released by the Department of Personnel and Training (DoPT) on Monday, September 25, 2023. Mr. Rao’s re-appointment to the position will be in effect from October 9, 2023, or until further orders, whichever event transpires earlier.
Mr. Rao assumed the position of Deputy Governor at the Reserve Bank of India in October 2020, initially serving for a three-year term. During this tenure, he held the significant responsibility of overseeing financial regulation within the organization. Preceding his appointment as Deputy Governor, Mr. Rao had a distinguished career within the RBI, having been appointed as the Executive Director on November 7, 2016. Prior to his role as Executive Director, he held the position of Chief General Manager within the Financial Markets Operations Department.
