Shirish Chandra Murmu Appointed RBI Deputy Governor

Shirish Chandra Murmu has been promoted to Deputy Governor of the Reserve Bank of India, replacing M Rajeshwar Rao. The appointment, approved by the Appointments Committee of the Cabinet, will commence on or after October 9, 2025, for a three-year term.

The Reserve Bank of India's Executive Director, Shirish Chandra Murmu, has been promoted to the position of Deputy Governor, a move officially announced by the central bank on Tuesday.

Murmu's appointment, set at a three-year term, will begin on or after October 9, 2025, succeeding M Rajeshwar Rao, whose extended term concludes on October 8.

The decision, sanctioned by the Appointments Committee of the Cabinet, comes in accordance with the RBI Act, 1934, which stipulates the central bank's leadership must include four deputy governors. These positions are divided between two internal candidates, one from the commercial banking sector, and an economist to oversee the monetary policy department.