Who is Shirish Chandra Murmu, set to take charge as RBI deputy governor from October 9 for three years?

The government has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India (RBI), effective 9 October, sources reported. Murmu, currently serving as executive director at the central bank, will hold the position for three years.

Murmu to succeed Rajeshwar Rao

Murmu will replace M Rajeshwar Rao, whose five-year tenure ends on October 8. Rao, appointed in September 2020 for three years, had received two extensions in 2023 and 2024. During his term, he was responsible for banking regulation and other supervisory portfolios. As deputy governor, Murmu is expected to be assigned one or more key departments of the RBI, though his exact responsibilities have not yet been announced, according to sources.

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Role of RBI deputy governors

Under the RBI Act, 1934, the central bank has four deputy governors: two selected from within the institution, one from the commercial banking sector and one economist to head monetary policy. Each deputy governor oversees critical functions such as banking regulation, financial supervision, monetary policy or payment systems.

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

Rabi Sankar manages payment and settlement systems, fintech, foreign exchange, IT and government accounts.

Swaminathan J oversees supervision, consumer protection, financial inclusion, inspection, and deposit insurance.

Poonam Gupta leads the monetary policy, economic research, financial stability, international relations and communication departments.

Murmu's background

Murmu has been serving as executive director, where his responsibilities included governance, regulatory compliance and inter-departmental coordination. His appointment to the deputy governor’s post places him in one of the RBI’s top decision-making positions at a time when the central bank is closely monitoring financial stability, regulatory oversight and inflation management.