The Government of India has appointed Shirish Chandra Murmu as the new Deputy Governor of the Reserve Bank of India (RBI), marking a significant addition to the central bank’s leadership. His appointment, approved by the Appointments Committee of the Cabinet, will be effective from October 9, 2025, for a period of three years. Murmu will succeed M. Rajeshwar Rao, whose term comes to an end on October 8.

Murmu has been associated with the RBI for more than three decades, having joined the institution in 1991. Over the years, he has handled diverse responsibilities across departments and contributed to the bank’s regulatory and supervisory framework. Before his elevation, he served as an Executive Director at the RBI and was in charge of the Department of Supervision, which oversees the functioning and governance of banks and non-banking financial companies. He has also led the Secretary’s Department, which manages the proceedings of the RBI’s Central Board and its committees.

The RBI operates with four deputy governors, each overseeing critical areas such as monetary policy, financial markets, banking regulation, and supervision. While Murmu’s specific portfolio has not yet been announced, his strong background in supervision and regulatory functions suggests continuity in oversight during a period of evolving financial challenges.

Murmu’s appointment comes at a time when the central bank is balancing inflation management with the need to support growth in a volatile global environment. Analysts believe his experience and deep institutional knowledge will help the RBI strengthen its supervisory framework and maintain financial stability.

As he takes charge, Murmu is expected to play a crucial role in shaping the RBI’s approach to emerging risks, regulatory reforms, and policy execution. His leadership will be closely watched by industry stakeholders as India’s financial system adapts to both domestic and global economic shifts.