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Rajat was born in a Punjabi family. His father Narender Bedi was a film director, makers of noted Hindi films like Khhotte Sikkay (1974) and Jawani Diwani (1972), and son of famous writer Rajinder Singh Bedi. His brother Manek Bedi is also an actor. His sister Ira Bedi is an Writer in television mainstream. His wife Monalisa is sister of actress Tulip Joshi.