Govt Names SC Murmu As New RBI Deputy Governor

RBI

The government has appointed Shirish Chandra Murmu as the Deputy Governor of the Reserve Bank of India (RBI) for a three-year term. The Appointments Committee of the Cabinet (ACC) cleared his appointment on Monday, September 29, 2025, according to an official notification.

Murmu’s tenure will begin on October 9, 2025, the notice stated. He is currently serving as an Executive Director at the RBI.

The RBI has four deputy governors, each overseeing areas such as monetary policy, financial markets regulation, banking supervision, and other regulatory functions.

Murmu’s portfolio allocation will be announced in due course.

The government has appointed SC Murmu as the new Deputy Governor of the Reserve Bank of India (RBI), according to PTI sources.

The Appointments Committee of the Cabinet has approved his appointment, PTI reported on Monday. Murmu is currently Executive Director at the Reserve Bank of India (RBI).

Murmu, currently an executive director at the RBI, will succeed Rajeshwar Rao, whose tenure ends on October 8. Rao has been overseeing banking regulation and other portfolios.

As per the RBI Act, 1934, the Reserve Bank of India is required to have four deputy governors: two from within the central bank, one from the commercial banking sector, and an economist to lead the monetary policy department.

The other three deputy governors currently are T Rabi Sankar, Swaminathan J, and Poonam Gupta.

Rajeshwar Rao was first appointed deputy governor in September 2020 for a three-year term and subsequently received a one-year extension in 2023, followed by another extension in 2024. He will complete a total of five years in office on October 8.