RBI's Deputy Governor Rao's Term Extended

M Rajeshwar Rao's term as RBI Deputy Governor has been extended for one year. The Appointments Committee of the Cabinet, led by PM Narendra Modi, approved the extension effective from October 9, 2024. Rao joined RBI in 1984 and rose to executive director in 2016.

The government has decided to extend the term of RBI Deputy Governor M Rajeshwar Rao for an additional year, insider sources disclosed.

The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, re-appointed Rao, starting from October 9, 2024, according to an October 4 government order.

Rao commenced his tenure as RBI Deputy Governor in October 2020 and previously served as executive director since 2016, after joining the central bank in 1984. His extensive experience with the RBI includes overseeing the Risk Monitoring Department.

(With inputs from agencies.)