The centre on Wednesday named M Rajeshwar Rao as new deputy governor of the Reserve Bank of India, it said in a notification.
He is currently appointed as the executive director of RBI. The Appointment Committee of the Union cabinet cleared the appointment, stated the notification. In his new position, Rao succeed NS Vishwanathan as the fourth deputy governor.
Rao is associated with the banking regulator since1984, holding several positions. He was named the executive director of the central bank in 2016. Currently, he is in charge of the internal debt management, financial markets operations, international and secretarial departments at the central bank. Prior to this position, Rao was associated with RBI as the chief general manager, financial markets operations department.
Earlier, he was the in-charge of the risk monitoring department. He holds a Bachelor of Arts in Economics and a Master of Business Administration from University of Cochin. Besides, he is a Certificated Associate of Indian Institute of Bankers.
Rao has experience of working as the Banking Ombudsman in New Delhi and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.
Furthermore, the centre appointed three external members Ashima Goyal, Jayanth R Varma and Shashanka Bhide to the Monetary Policy Committee (MPC) of the RBI.