The Government of India has named Shirish Chandra Murmu as the new Deputy Governor of the Reserve Bank of India (RBI). His appointment will officially begin on October 9 and will last for a period of three years. Murmu, who currently serves as an executive director at the RBI, will step into the role vacated by M. Rajeshwar Rao, who retires this week.

Strengthening RBI Leadership Amid Economic Challenges

This leadership change comes at a critical juncture as India navigates evolving economic and financial sector challenges. Murmu’s extensive regulatory knowledge and supervisory experience are expected to enhance the RBI’s oversight functions. Officials emphasised that his appointment will further strengthen the central bank’s efforts in banking regulation, supervision, and maintaining financial stability.

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A Veteran Bureaucrat and Central Banker

An officer of the 1985 Gujarat cadre of the Indian Administrative Service (IAS), Murmu brings decades of governance and administrative expertise to the position. At present, he is Executive Director at the RBI, overseeing the Secretary’s Department, where he is responsible for coordination between departments, governance issues, regulatory compliance, and internal administration.

Backed by Cabinet Approval

The Appointment Committee of the Cabinet (ACC) cleared Murmu’s nomination, underscoring his proven track record in financial governance and regulatory oversight. His leadership is expected to add momentum to the RBI’s supervisory and policy functions as India’s financial sector adapts to changing global and domestic conditions.