The Reserve Bank of India (RBI) on Monday announced the re-appointment of M Rajeshwar Rao as Deputy Governor for another year, effective from October 9, 2024, or earlier if he takes office before that date.
Rao, a central banker who joined the RBI in 1984, has held several key positions throughout his career. He has overseen the Risk Monitoring Department and served as the Banking Ombudsman in New Delhi, with stints in RBI’s regional offices in Ahmedabad, Hyderabad, Chennai, and New Delhi.
In 2016, Rao was promoted to Executive Director following the voluntary retirement of G. Mahalingam. As Executive Director, he managed critical departments, including the Department of Statistics and Information Management, Financial Markets Operations, and International Departments. Prior to this role, he was Chief General Manager of the Financial Markets Operations Department.
Rao was first appointed Deputy Governor in 2020 for a three-year term, followed by a one-year extension in 2023. This latest re-appointment marks another year at the helm, extending his tenure until 2025.
He holds a Bachelor of Arts in Economics and an MBA from the University of Cochin and is a Certificated Associate of the Indian Institute of Bankers.
