Centre reappoints M. Rajeshwar Rao as Deputy Governor of RBI – The Centre has reelected M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India for a period of one year beginning from the 9th of October month, or until further orders, whichever is earlier. Rajeshwar Rao is holding the departments of Regulation, Communication, Enforcement, Legal and Risk Monitoring.
Who is M. Rajeshwar Rao?
- He is an economics graduate and a Master of Business Administration from the University of Cochin.
- In 1984, He joined the central bank.
- Rao also served as the Banking Ombudsman in New Delhi and in the Reserve Bank’s regional offices in Ahmedabad, Hyderabad, Chennai and the national capital.
Reserve Bank of India
The Reserve Bank of India, called RBI, is India’s central bank and regulatory body responsible for the regulation of the Indian banking system. It is owned by the Ministry of Finance, Government of India. It is responsible for the control, issuing and maintaining a supply of the Indian rupee.
- Governor: Shaktikanta Das
- Founded: 1 April 1935, Kolkata
- Founder: British Raj
- Reserves: $595.067 billion; (as of 2 June 2023)
- Currency: Indian rupee (₹); INR
- Headquarters: Mumbai, Maharashtra, India.
- Bank rate – 6.75%