Govt extends term of RBI deputy governor Rao for another one year
Oct 5, 2024
All eyes are on Shaktikanta Das and Michael Patra, whose terms will come to an end in a few months
The Central government has extended the term of Reserve Bank of India’s (RBI's) deputy governor M Rajeshwar Rao for another one year, with effect from October 9, 2024.
The appointments committee of the cabinet, which is headed by the Prime Minister, in a notification said that it has approved the re-appointment of Rao for a period of one-year, effective October 9, 2024, or until further orders, whichever is earlier.
This is the second one-year extension for Rao. Previously, his term as deputy governor of RBI was extended by the government for one year, with effect from October 9, 2023.
Rao was appointed deputy governor of RBI for a period of three years in October 2020.
Meanwhile, RBI Governor Shaktikanta Das’s term is set to end in December 2024, while Deputy Governor Michael Patra’s term will conclude in January 2025. It remains to be seen if the government will extend their terms once again. Previously, Das’s term was extended by three years till December 2024. Meanwhile, Patra got a year’s extension last year for the second time.
Previously, Rao was serving as the executive director at RBI looking at the department of statistics and information management, financial markets operation department and international department. Prior to taking over as the executive director, Rao was the Chief General Manager at RBI, financial markets operations department.
Rao has 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 joined the Reserve Bank 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, and has also worked as the banking ombudsman, and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.
[The Business Standard]
