The Appointments Committee of the Cabinet (ACC) has approved the appointment of M Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI). Rao is currently an Executive Director at the RBI.
Rao, a career central banker who has spent 36 years in RBI, is currently in charge of the internal debt management, financial markets operations, international and secretarial departments at the central bank, and succeeds NS Vishwanathan as the fourth Deputy Governor.
It took nearly six months for the government to appoint a Deputy Governor to fill the vacant post after NS Vishwanathan demitted office.
The RBI already has three Deputy Governors — BP Kanungo, MK Jain and Michael Debabrata Patra.