New Delhi, Sept 29, 2025: The government has appointed Shirish Chandra Murmu as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, effective from October 9. He will succeed M Rajeshwar Rao, whose five-year tenure concludes on October 8.
The Appointments Committee of the Cabinet (ACC) approved Murmu’s appointment, sources confirmed on Monday.
New Role for Murmu
Currently serving as Executive Director at the RBI, Murmu has been overseeing the Department of Supervision, a critical wing responsible for monitoring banking operations and financial stability.
As per the RBI Act, 1934, the central bank is required to have four deputy governors:
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Two from within RBI’s internal cadre,
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One from the commercial banking sector, and
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One economist to head the monetary policy department.
With this appointment, Murmu will join the current team of deputy governors — T Rabi Sankar, Swaminathan J, and Poonam Gupta.
End of Rao’s Tenure
Rao was first appointed Deputy Governor in September 2020 for three years. He received two consecutive one-year extensions, in 2023 and 2024, completing a full five-year term on October 8, 2025.
Murmu’s elevation is expected to further strengthen the RBI’s supervisory framework at a time when India’s financial system is undergoing rapid digital and regulatory transformation.
