New Delhi, Sep 29: The Narendra Modi government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three-year term, officials said on Monday.

Murmu, a native of Odisha, will succeed M Rajeshwar Rao, whose extended tenure ends on October 8.

Cabinet Approval and Tenure Details

The Appointments Committee of the Cabinet has formally approved Murmu’s appointment, marking a new chapter in RBI’s top management. Murmu, currently serving as Executive Director at RBI, oversees the Department of Supervision — a critical function in maintaining banking sector stability.

Rao, who was first appointed Deputy Governor in September 2020, received two extensions — one in 2023 and another in 2024 — completing a five-year term.

RBI’s Deputy Governor Structure

As per the RBI Act, 1934, the central bank is mandated to have four deputy governors. These include two internal appointees, one from the commercial banking sector, and one economist to lead the monetary policy department. Murmu joins the ranks of T Rabi Sankar, Swaminathan J, and Poonam Gupta, completing the quartet.

Murmu’s Background and Role

Murmu’s elevation from Executive Director to Deputy Governor reflects his deep expertise in regulatory oversight and supervision. His leadership is expected to bolster RBI’s efforts in ensuring financial stability and robust governance across the banking ecosystem.

This appointment comes at a time when the central bank is navigating complex economic challenges, including inflation control, digital currency evolution, and strengthening financial institutions.