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RBI deputy governor M. Rajeshwar Rao gets one-year term extension


The Central government has extended the term of RBI deputy governor M Rajeshwar Rao for a period of one year, the Reserve Bank said in a statement on Tuesday.

The Appointments Committee of the Cabinet has approved the “re-appointment of M Rajeshwar Rao as Deputy Governor of Reserve Bank for a period of one year with effect from October 9, 2023, or until further orders, whichever is earlier,” the circular read. 

He was appointed as Deputy Governor of Reserve Bank in October 2020 for a period of three years and was assigned the responsibility of financial regulation. Prior to that, he was the chief general manager of the financial markets operations department.

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Rao was appointed as the executive director in November, 2016  and was looking after the department of statistics and information management, financial markets operation department and international department. Prior to this, he was the chief general manager of the financial markets operations department.

Also Read | RBI cancels licence of The Kapol Co-operative Bank over earnings prospects

As a career central banker, Rao has exposure to various aspects of the RBI’s functioning. He has previously held the charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman in New Delhi and in the Reserve Bank’s regional offices in Ahmedabad, Hyderabad, Chennai and the national capital.

Rao joined the Reserve Bank in 1984 has a bachelor degree in economics and is an Master of Business Administration (MBA) from University of Cochin.

 

 

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Updated: 26 Sep 2023, 08:20 PM IST



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