Shirish Chandra Murmu Takes Charge As RBI Deputy Governor; Boosting Regulatory Oversight

The Union government has appointed Shirish Chandra Murmu as a Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, effective October 9. His appointment was approved by the Appointments Committee of the Union Cabinet.

Murmu will succeed M Rajeshwar Rao, whose extended tenure concludes on October 8.

Currently serving as Executive Director at the RBI, Murmu oversees the Department of Supervision.

His elevation maintains the RBI’s mandated structure of four Deputy Governors, two from within the bank, one economist, and one from the commercial banking system.

The other Deputy Governors are T Rabi Sankar, Poonam Gupta, and Swaminathan J.

M Rajeshwar Rao completed five years as Deputy Governor. He assumed office in 2020 for an initial three-year term and received two one-year extensions in 2023 and 2024.

Context of RBI Appointments

Murmu’s appointment follows a series of key changes in RBI leadership. Last month, the government appointed former RBI Governor Dr Urjit Patel as Executive Director at the International Monetary Fund (IMF) for a three-year term.

Patel designed India’s inflation-targeting monetary policy framework.

Born in Kenya, Dr Patel has worked at the IMF for over three decades. After relocating to India in 1992, he served as the IMF’s Deputy Resident Representative in New Delhi.

He succeeded Raghuram Rajan as India’s 24th RBI Governor in 2016, serving the shortest tenure since 1992 and resigning in 2018 for personal reasons.

Shirish Chandra Murmu’s appointment strengthens the RBI’s leadership team, ensuring continuity in regulatory oversight and monetary policy execution.

He will use his experience in bank supervision to maintain financial stability and strengthen the regulatory framework.

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