The government has extended the term of RBI Deputy Governor M Rajeshwar Rao for a period of one year, according to sources. The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Rao for a period of one year with effect from October 9, 2024 or until further orders, sources said quoting a government order dated October 4.
The ACC is headed by Prime Minister Narendra Modi.
Rao was appointed as RBI Deputy Governor in October 2020 for a period of three years.
Rao was elevated as RBI executive director in November 2016.
An economics graduate and a Master of Business Administration from the University of Cochin, Rao joined the central bank in 1984.
As a career central banker, he has exposure to various aspects of the RBI’s functioning. He has previously held the charge of the Risk Monitoring Department.
