Recently, the Central Government has re-appointed M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India (RBI) for a period of one year with effect from October 09, 2024, or until further orders, whichever is earlier. Rao was initially appointed RBI deputy governor in October 2020 for a three-year term, which was first extended by a year in October 2023. This is his second consecutive term extension.
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| Govt re-appointed M. Rajeshwar as RBI Deputy Governor |
Govt extends RBI Deputy Governor M. Rajeshwar Rao term for one year
The government has extended the term of M. Rajeswara Rao as Deputy Governor of the Reserve Bank of India for another year, effective October 9, 2024.
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Prior to taking over as the Deputy Governor Rajeshwar Rao was serving as Executive Director. Rao was appointed deputy governor of the central bank in October 2020 for a term of three years.
Earlier, Rao's term was extended for one year in October 2023. This is his second consecutive term extension.
The re-appointment of Rajeshwar Rao as Deputy Governor of RBI has been approved by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.
RBI Deputy Governor M. Rajeshwar Rao: Role and Responsibilities
As Deputy Governor, Rajeshwar Rao will assume the following roles and responsibilities.
- Department of Regulation
- Department of Communication
- Enforcement Department
- Legal Department
- Risk Monitoring Department
About RBI Deputy Governor M. Rajeshwar Rao
Rajeshwar Rao holds a Bachelor of Arts in Economics and a Master of Business Administration degree from University of Cochin. He is also a Certificated Associate of Indian Institute of Bankers.
Rajeshwar joined the Reserve Bank (RBI) in 1984 and as a career central banker has exposure in various aspects of central bank functioning. He has previously held charge of the Risk Monitoring Department.
M. Rajeshwar has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Shaktikanta Das. He replaced Urjit Patel as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M.D. Patra
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
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Static Current Affairs related to RBI for upcoming exams
- Establishment of RBI: 1 April 1935
- Headquarters of RBI: Mumbai, Maharashtra, India
- Governor of RBI: Shaktikanta Das
- Deputy Governor of RBI: Swaminathan J, M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
- Ownership of RBI: Ministry of Finance , Government of India
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