The Appointments Committee of Cabinet (ACC) has approved his appointment to the post with effect from the date of taking over the charge on or after April 3, an order issued by Personnel Ministry said.
He has been appointed in place of R Gandhi, it said.
Kanungo was in March last year appointed as Executive Director in the central bank.
The ACC has also named Dilip S Shanghvi as Member, Western Local Board of RBI.
The appointment of Shanghvi, the promoter of Sun Pharmaceutical Industries Limited, to the post is for a period of four years.