M Rajeshwar Rao, the Executive Director of the Reserve Bank of India (RBI), has been appointed as deputy governor of the central bank. The position was lying vacant for over four months after N S Vishwanathan retired on March 31. Vishwanathan had resigned before the completion of his term in June citing health reasons. The RBI currently has three deputy governors.
"The Appointments Committee of the Cabinet has approved the appointment of Shri M Rajeshwar Rao, Executive Director, Reserve Bank of India to the post of Deputy Governor, Reserve Bank of India," the Department of Personnel and Training said in a statement on Wednesday.
Rao was appointed as Executive Director of the central bank on November 7, 2016. As an Executive Director, Rao, who has 36 years of experience at the RBI, looked after the department of statistics and information management, financial markets operation, and international department.
Prior to taking over as the Executive Director, Rao was the Chief General Manager, Financial Markets Operations Department.
Rao has a Bachelor of Arts (BA) in Economics and a Master of Business Administration (MBA) from University of Cochin. He is also a Certificated Associate of Indian Institute of Bankers.
Rao joined the RBI in 1984 and as a central banker has exposure in various aspects of central bank functioning. He has previously held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank's regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.