M Rajeshwar Rao appointed as Deputy Governor of RBI

By: |
October 7, 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 enhanced its dovish stance by providing an extended timeframe to its accommodative stance.

 

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 Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? 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
1Capex target: Oil & gas, coal PSUs told to stick to FY21 plan
2GST shortfall: Punjab, Bengal, others to choose Option 1, Kerala demurs
3Kisan Credit Card scheme: Rs 1.35 lakh crore credit sanctioned achieved