The Appointments Committee of the Cabinet has approved re-appointment of Vishwanathan as the deputy governor for a period of one more year with effect from July 4 this year, the order issued by the Personnel Ministry said.
His existing tenure was to end Wednesday, July 3.
Vishwanathan is one of the three deputy governors, besides B P Kanungo and M K Jain, working at the central bank.
Viral Acharya had last month resigned from the post of deputy governor, RBI.
Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', resigned six months before the scheduled end of his three-year term.