New Delhi: The government has extended the term of RBI Deputy Governor M Rajeshwar Rao for one year, according to sources. The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Rao for 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 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.
