Shirish Chandra Murmu named RBI deputy governor

The government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, effective on or after October 9, 2025.

Murmu will succeed M. Rajeshwar Rao, whose five-year tenure, including two extensions, ends on October 8, 2025. Rao was first appointed Deputy Governor in September 2020 for three years, with a one-year extension in 2023, followed by another extension in 2024.

Currently, Murmu serves as Executive Director at the RBI, overseeing the Department of Supervision. He has extensive experience in bank regulation and supervisory functions, making him a key internal candidate for the deputy governor role.

Under the RBI Act, 1934, the central bank is required to have four Deputy Governors: two from within RBI, one from the commercial banking sector, and one economist heading the monetary policy department. The other three current deputy governors are T. Rabi Sankar, Swaminathan J, and Poonam Gupta.

Murmu’s appointment highlights the RBI’s succession planning strategy, emphasising internal talent development, continuity in governance, and functional balance among its top leadership. It ensures stability in the supervision of banks and financial institutions while maintaining institutional knowledge.

The Appointments Committee of the Cabinet (ACC) approved Murmu’s selection following standard procedures for senior RBI appointments. His tenure is expected to contribute to the regulatory oversight and operational stability of the central bank.