The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank.
Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
"The Appointments Committee of the Cabinet has approved the appointment of M Rajeshwar Rao, Executive Director, Reserve Bank of India to the post of Deputy Governor Reserve Bank of India," a notification by the Department of Personnel and Training said.
According to the RBI Act, 1934, the central bank needs to have four deputy governors -- two from within the ranks, one commercial banker and another an economist to head the monetary policy department.
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