The Central government on Monday (September 29, 2025) appointed Shirish Chandra Murmu, Executive Director at the Reserve Bank of India (RBI), as Deputy Governor of the central bank for a three-year term starting October 9, 2025. He will succeed M Rajeshwar Rao, who retires on October 8 after completing five years in the post.
According to an order issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet (ACC) approved Murmu’s appointment for three years from the date of joining, or until further orders, whichever is earlier.
Murmu, currently based in Mumbai, heads the Department of Supervision at RBI. At the executive director level, he has been responsible for regulatory compliance, governance, inter-departmental coordination, and internal administration. He has also played a key role in shaping regulatory policies within the central bank’s organisational framework.
Rao was first appointed Deputy Governor in September 2020 for a three-year term and received extensions in 2023 and 2024, completing a full five-year tenure on October 8, 2025.
As per the RBI Act, 1934, the central bank has four Deputy Governors — two from within the institution, one from the commercial banking sector, and one economist to lead the monetary policy department. The other three current deputy governors are T Rabi Sankar, Swaminathan J, and Poonam Gupta.
Join Us on WhatsApp