As an Odia economist, he brings extensive experience in banking supervision and regulatory frameworks to his new role.
MUMBAI (India CSR): – In a significant development for India’s financial sector, the Government of India has appointed Shri Shirish Chandra Murmu, currently an Executive Director at the Reserve Bank of India (RBI), as the new Deputy Governor of the central bank. The appointment, effective from October 9, 2025, or the date of joining thereafter, is for a period of three years or until further orders, whichever comes earlier.
The official notification, issued on September 30, 2025, invokes the powers under clause (a) of sub-section (1) of section 8 of the Reserve Bank of India Act, 1934, read with sub-section (4) of the same section. This move comes as Murmu succeeds M. Rajeswar Rao, whose term as Deputy Governor is set to conclude this week.
Background on Shirish Chandra Murmu
Shirish Chandra Murmu, a seasoned career central banker, has been serving as an Executive Director at the RBI for the past six years, primarily overseeing the Department of Supervision.
Hailing from Odisha, Murmu’s appointment has been hailed as a proud moment for the state, with Biju Janata Dal (BJD) President Naveen Patnaik extending his congratulations.
As an Odia economist, he brings extensive experience in banking supervision and regulatory frameworks to his new role.
Implications for RBI
The RBI currently has four Deputy Governors, each handling key portfolios such as monetary policy, banking regulation, and financial supervision. Murmu’s elevation is expected to strengthen the central bank’s oversight mechanisms, particularly in the supervision department where he has built his expertise. This appointment aligns with the government’s ongoing efforts to ensure robust leadership at the apex banking institution amid evolving economic challenges.
The Monetary Policy Committee (MPC) meeting is scheduled soon, and while Murmu’s joining date is post-October 9, his influence on future policy directions will be closely watched by market analysts.
(India CSR)
