Government has appointed Shirish Chandra Murmu as the new deputy governor of RBI for a three-year term starting October 9. Murmu, currently an executive director at the RBI, will succeed Rajeshwar Rao, whose term ends on October 8.
In a key appointment, the Indian government has named Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India (RBI). The announcement was made through an official government notification released this week. Murmu will take charge on October 9, 2025, for a tenure of three years.
Murmu’s appointment comes at a crucial time when India’s central bank is dealing with multiple challenges, including global financial volatility, inflationary pressures, and the need for tighter banking supervision.
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Murmu to succeed Rajeshwar Rao
Murmu will replace M. Rajeshwar Rao, the outgoing deputy governor, whose three-year term comes to an end on October 8, 2025. Rao has been overseeing critical portfolios, including banking regulation, supervision, and governance. During his tenure, Rao played a key role in strengthening regulatory frameworks and ensuring stability in India’s banking sector, especially after the pandemic-led stress on financial institutions.
The transition marks the beginning of a new leadership phase within the RBI’s senior management team.
Who is Shirish Chandra Murmu?
Shirish Chandra Murmu is currently serving as an executive director at the Reserve Bank of India. Known for his expertise in banking operations and policy implementation, Murmu has worked on several important assignments inside the central bank.
His experience within the RBI has given him a strong background in financial regulation, monetary management, and institutional supervision. These skills are expected to help him handle whichever portfolio is allocated to him among the four deputy governor roles.
The role of RBI deputy governors
The Reserve Bank of India has a total of four deputy governors, each responsible for specific areas such as:
- Monetary policy
- Financial markets regulation
- Banking regulation and supervision
- Other operational and policy portfolios
While Murmu’s exact responsibilities have not yet been announced, it is expected that his portfolio will be aligned with his past experience in financial and operational management.
The distribution of work among deputy governors plays a crucial role in ensuring smooth functioning of India’s central bank, which manages monetary stability, banking health, and overall financial resilience of the country.