M Rajeshwar Rao appointed as Deputy Governor of RBI

By: |
October 07, 2020 10:14 PM

"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.

"RBI's MPC meeting is scheduled this week. Markets are expected to enter a holiday mood with no major directional move in the weeks to come," said Nirali Shah, Senior Research Analyst, Samco Securities.

 

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.

Do you know What is FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1IMF cuts India’s GDP growth forecast to 9.5 pc for FY22
2Deficit Financing: No plan to print extra money, says FM
3Pre-pack scheme: FM introduces Bill in LS to replace ordinance