Government Appoints Shirish Chandra Murmu as RBI Deputy Governor for 3-Year Term

Shirish Chandra Murmu has been appointed as the new Deputy Governor of the Reserve Bank of India for a term of 3 years, starting from October 9, 2025. His appointment comes as M Rajeshwar Rao completes his extended tenure with the central bank.

Shirish Chandra Murmu to Oversee Key RBI Functions

The Appointments Committee of the Cabinet approved Murmu’s appointment for a 3-year term following the conclusion of M Rajeshwar Rao’s tenure on October 8, 2025. Murmu currently serves as Executive Director at RBI, where he heads the Department of Supervision. With this elevation, he will become one of the 4 Deputy Governors mandated under the Reserve Bank of India Act, 1934.

RBI’s Deputy Governor Structure and Murmu’s Role

As per the RBI Act, the central bank’s 4 Deputy Governors are selected from varied professional backgrounds: 2 from within RBI, 1 from the commercial banking sector, and 1 economist to lead monetary policy. Murmu fills the internal appointment slot. The other Deputy Governors are T Rabi Sankar, Swaminathan J, and Poonam Gupta.

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Tenure of M Rajeshwar Rao Comes to an End

M Rajeshwar Rao was appointed Deputy Governor in September 2020 for an initial term of 3 years. He was later granted a 1-year extension in 2023 and another in 2024. With this, Rao completes 5 years in one of the central bank’s highest positions on October 8, 2025, paving the way for Murmu to step in the next day.

Leadership Continuity Within RBI

Murmu’s long-standing service within the RBI ensures continuity in leadership as the central bank tackles economic challenges and regulatory reforms. His experience in supervision is expected to be valuable in strengthening financial oversight in India’s banking system.

Conclusion

Shirish Chandra Murmu’s appointment as RBI Deputy Governor ensures leadership continuity and compliance with the RBI Act structure. His 3-year term, beginning October 9, 2025, positions him to play a crucial role in regulatory oversight during a dynamic period for India's financial sector.

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