RBI Veteran Murmu Appointed as New Deputy Governor

In a significant move, the Indian government has appointed Shirish Chandra Murmu as a new deputy governor of the Reserve Bank of India (RBI). Murmu, who is currently serving as an executive director at the central bank, will assume the deputy governor role on October 9, 2025 for a period of three years.

Murmu's appointment comes as the RBI undergoes a leadership transition, with the term of the current deputy governor, Rajeshwar Rao, set to end on October 8, 2025. Rao has been in charge of banking regulation and other key portfolios at the RBI.

The Indian central bank has a total of four deputy governors, overseeing various departments including monetary policy, financial markets regulations, banking supervision and regulations. Murmu's specific portfolio allocation is yet to be announced by the RBI.

The government's decision to bring in Murmu, a seasoned banking executive, is seen as a move to strengthen the RBI's leadership and regulatory capabilities during a crucial period for the Indian economy.