In a significant move, the Indian government has officially appointed Shirish Chandra Murmu as a Deputy Governor of the Reserve Bank of India (RBI). This key leadership role is set for a three-year term, with his tenure commencing on October 9. The Appointments Committee of the Cabinet gave its formal approval for this decision on Monday, September 29, 2025.
A government notification confirmed that Mr. Murmu’s new role will become active from October 9. Prior to this elevation, he served as an Executive Director at the Reserve Bank of India, bringing valuable experience to his new position.
Mr. Murmu is set to succeed Rajeshwar Rao, whose term as Deputy Governor concludes on October 8. Mr. Rao currently oversees critical portfolios, including banking regulation.
The central bank operates with a structure of four Deputy Governors, each responsible for diverse departments such as monetary policy, financial market regulations, and banking supervision.
Details regarding Mr. Murmu’s specific portfolio and responsibilities within the RBI are yet to be formally disclosed.