The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India. He is currently the executive director of RBI.
“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,” said a notification by the Department of Personnel and Training.
The RBI currently has three Deputy Governors — BP Kanungo, MK Jain and MD Patra.
Deputy Governor of RBI
The deputy governors of the reserve bank are ex-officio members. One deputy governor, usually the deputy governor in charge of banking regulation and supervision, is nominated as the vice-chairman of the board.
WHAT IS RESERVE BANK OF INDIA (RBI)
The Reserve Bank of India (RBI) is the central bank of India whose primary function is to manage and govern the financial system of the country. It is a statutory body established in the year 1935 under the Reserve Bank of India Act, 1934. The central bank regulates the issue and supply of the Indian rupee. It also looks after the central government’s money.