Rao was executive director of the Reserve Bank before being elevated to of deputy governor.
He took the new charge last week.Besides the department of regulation, Mr Rao will look after the departments of communication, enforcement legalities among others.
Rao was appointed to vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
RBI also announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Rao as deputy governor.
Deputy Governor MD Patra will continue to look after the monetary policy department.
His other portfolios, include department of economic and policy research, deposit insurance and credit guarantee corporation, financial markets operations department, and financial markets regulation department.
Deputy Governor MK Jain will look after central security cell, corporate strategy and budget department, consumer education and protection department, department of supervision, and human resource management department, among others.
Deputy Governor BP Kanungo will oversee coordination, currency management, external investments and operations, department of government and banks accounts, IT, payment and settlement systems, foreign exchange department, internal debt management department, Right of Information (RIA) Division, and secretary’s department.