Mr. Rai has worked in various capacities at both, the Central and State Governments. He served as Secretary in the Ministry of Finance - Government of India, where he was responsible for managing the Financial Services sector, including banks and insurance companies. He had been a Director on several Boards including the State Bank of India, ICICI Bank, IDBI Bank, Life Insurance Corporation of India and IDFC.
Mr. Rai was instrumental in setting up the India Infrastructure Finance Company Limited and was on the Board of the company. Mr. Rai has also been the Principal Secretary (Finance) in the State Government of Kerala, apart from holding senior positions in the Ministries of Commerce and Defence, Government of India.