RBI Names Shirish Chandra Murmu As Deputy Governor To Succeed Rajeshwar Rao

The Government of India has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI), effective 9 October, for a three-year term, according to Business Standard.

Currently serving as an Executive Director at the RBI, Murmu will replace Rajeshwar Rao, whose tenure concludes on 8 October. Rao has been managing banking regulation and other portfolios during his term.

Under the RBI Act, 1934, the central bank must have four deputy governors: two drawn from within the RBI, one from the commercial banking sector, and an economist to head the monetary policy department.

Murmu’s appointment will maintain this structure alongside the existing three deputy governors — T Rabi Sankar, Swaminathan J, and Poonam Gupta.

Rajeshwar Rao first assumed the role of Deputy Governor in September 2020 for a three-year term.

The government extended his tenure by one year in 2023 and again in 2024. He will complete a total of five years in office on 8 October, the RBI confirmed.

Murmu’s elevation comes at a time when the RBI continues to play a pivotal role in managing India’s banking sector and monetary policy.

His experience as Executive Director is expected to ensure continuity in regulatory oversight and governance.

The RBI will officially induct Murmu as Deputy Governor following Rao’s departure, strengthening its leadership team.

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