RBI appoints Shirish Chandra Murmu as Deputy Governor for three years

The government has appointed Shirish Chandra Murmu as the Deputy Governor of Reserve Bank of India (RBI) for a period of three years. His appointment will be effective from October 9. He is currently serving as an executive director at the central bank.

Murmu will replace deputy governor in-charge of banking regulation, Rajeshwar Rao, whose term is set to end on October 8.

Rao was first appointed as Deputy Governor in September 2020 for a term of three years. In 2023, his tenure was extended by one year. He received another extension in 2024. With these extensions, Rao will complete a total of five years in office on October 8.

The Indian central bank has four deputy governors. Each deputy governor oversees a specific department. The departments include monetary policy, financial markets regulations, banking supervision, and regulations. These roles are crucial for the smooth functioning of the central bank.

The other three deputy governors are T Rabi Sankar, Swaminathan J and Poonam Gupta.