On Wednesday, the government named RBI Senior Executive Director M Rajeshwar Rao as the Central Bank's Deputy Governor.
Presently, the deputy governors are BP Kanungo, MK Jain and Micheal Patra. As the fourth deputy governor, Rao will take over and will have responsibility for financial regulation. After N S Vishwanathan demitted his office in March, the role became vacant citing health reasons just before his tenure was to end.
On August 21, applicants were interviewed by the Financial Sector Regulatory Appointment Search Committee (FSRASC), which included the Cabinet secretary, the RBI Governor and the Secretary for Financial Services.
"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 (RBI)" Department of Personnel and Training.
M Rajeshwar Rao was an economics graduate and a Master of Business Administration from the University of Cochin.