The appointment assumes significance in the background of the government's intentions to develop a financial district on the suburbs of Hyderabad.
The government is also attempting to attract major infrastructure investments, which Rangachary's contribution would help. Confirming his appointment, a senior official said Rangachary had already assumed charge three weeks back, but it was a low key affair.
The 66-year-old Rangachary joined IRDA in 1996, prior to which he was the chairman of Central Board of Direct Taxes. He was a professional
