The government has extended the term of RBI Deputy Governor M. Rajeshwar Rao for a period of one year, according to sources.

The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Mr. Rao for a period of one year with effect from October 9, 2024 or until further orders, sources said quoting a government order dated October 4.

The ACC is headed by Prime Minister Narendra Modi.

Mr. Rao was appointed as RBI Deputy Governor in October 2020 for a period of three years.

Mr. Rao was elevated as RBI executive director in November 2016.

An economics graduate and a Master of Business Administration from the University of Cochin, Mr. Rao joined the central bank in 1984.

As a career central banker, he has exposure to various aspects of the RBI's functioning. He has previously held the charge of the Risk Monitoring Department.