Govt has appointed Shirish Chandra Murmu, executive director at RBI, as deputy governor of the central bank for a three-year term starting Oct 9, 2025.He will succeed M Rajeshwar Rao, who is retiring. The appointment was cleared by the appointments committee of the Cabinet. In his new role, Murmu will oversee key areas such as banking regulation, supervision, monetary policy and financial market regulation.Murmu, who is currently based in Mumbai, heads the department of supervision at RBI. At the executive director level, he has been responsible for regulatory compliance, governance issues, inter-departmental coordination and internal administration. He has also played a key role in shaping regulatory policies within the central bank’s organisational structure.The RBI Act, 1934 provides for four deputy governors in the organisation — two of them promoted from within the institution, one drawn from commercial banking, and an economist to lead the monetary policy wing. The current deputy governors are T Rabi Sankar, Swaminathan J and Poonam Gupta, alongside the new appointee.
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