Government appoints Rajeshwar Rao as RBI Deputy Governor

Government appoints Rajeshwar Rao as RBI Deputy Governor
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The position had been lying vacant for more than six months after N.S. Vishwanathan retired on March 31.

Reuters
Prior to taking over as the executive director in November 2016, Rao was the chief general manager, financial markets operations department.

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Mumbai: The government said on Wednesday that it has appointed Reserve Bank of India’s (RBI).executive director Rajeshwar Rao as the deputy governor of the central bank.

The position had been lying vacant for more than six months after N.S. Vishwanathan retired on March 31. Vishwanathan, who retired three months ahead of schedule due to health reasons, was in-charge of portfolios including banking regulation, which formulated important policies like stressed asset resolution and bank licences.

Rao’s appointment as the new deputy governor, who will look after both banking regulation as well as regulation for non-banking finance companies, gains further significance at the time when the industry is facing turbulent times amid the Covid-19 crisis.

Prior to taking over as the executive director in November 2016, Rao was the chief general manager, financial markets operations department.

He holds a Bachelor of Arts in Economics and a Master of Business Administration from University of Cochin. He is also a Certificated Associate of Indian Institute of Bankers.

Rao is a career central banker and had joined the RBI in 1984. He has exposure in various aspects of central bank functioning. He has previously held charge of the risk monitoring department, and has also worked as the banking ombudsman, New Delhi and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.



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