RBI appoints R Lakshmi Kanth Rao as ED

The Reserve Bank of India has appointed R. Lakshmi Kanth Rao as Executive Director with effect from May 10.

Prior to being promoted as ED, Rao was serving as Chief General Manager-in-Charge in the Department of Regulation.

As Executive Director, Rao will look after the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA) and Department of Communication.

“Rao has experience of over three decades in the Reserve Bank having worked in the areas of Regulation of Banks and NBFCs, Supervision of Banks and Consumer Protection.

“He had served as Banking Ombudsman at RBI Chennai and as Regional Director of Uttar Pradesh at Lucknow. He has also served as a member of several Committees and Working Groups and has been contributing to policy formulation,” per a RBI statement.