The government has decided to extend the tenure of RBI Deputy Governor M Rajeshwar Rao for another year, as confirmed by sources. The Appointments Committee of the Cabinet (ACC) approved his reappointment for one year, starting from October 9, 2024, or until further notice, according to a government order issued on October 4.
The ACC, which is chaired by Prime Minister Narendra Modi, oversees such appointments. Rao initially became the Deputy Governor of the RBI in October 2020 for a three-year term. Before this, he was promoted to executive director at the RBI in November 2016. Rao holds a degree in economics and an MBA from the University of Cochin. He joined the central bank in 1984 and has extensive experience in various aspects of its operations, having previously led the Risk Monitoring Department.
The central board of directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The board consists of a governor, and not more than four deputy governors; four directors to represent the regional boards; two – usually the Economic Affairs Secretary and the Financial Services Secretary – from the Ministry of Finance and ten other directors from various fields.
| Central Board of Director appointed/nominated under RBI Act, 1934 | ||
|---|---|---|
| Section of RBI Act | Sr. No. | Name |
| 8 (1) (a) | 1. | Shri Shaktikanta Das Governor |
| 2. | Dr. M.D. Patra Deputy Governor | |
| 3. | Shri M. Rajeshwar Rao Deputy Governor | |
| 4. | Shri T. Rabi Sankar Deputy Governor | |
| 5. | Shri Swaminathan J Deputy Governor | |
| 8 (1) (b) | 6. | Ms. Revathy Iyer |
| 7. | Prof. Sachin Chaturvedi | |
| 8 (1) (c) | 8. | Shri Satish Kashinath Marathe |
| 9. | Shri Swaminathan Gurumurthy | |
| 10. | Shri Anand Gopal Mahindra | |
| 11. | Shri Venu Srinivasan | |
| 12. | Shri Pankaj Ramanbhai Patel | |
| 13. | Dr. Ravindra H. Dholakia | |
| 8 (1) (d) | 14. | Shri Ajay Seth |
| 15. | Shri Nagaraju Maddirala | |
