Is Shirish Chandra Murmu the New RBI Deputy Governor?
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Synopsis
The recent appointment of Shirish Chandra Murmu as Deputy Governor of the RBI highlights key changes in India's financial leadership. With a robust background in supervision, Murmu is set to influence monetary policy over the next three years. This transition comes amidst noteworthy movements within the RBI and IMF, showcasing the evolving landscape of India’s economic governance.
Key Takeaways
- Shirish Chandra Murmu appointed as RBI Deputy Governor.
- Appointment effective from October 9.
- Murmu replaces M. Rajeshwar Rao.
- He currently serves as Executive Director.
- The RBI should have four Deputy Governors.
New Delhi, Sep 29 (NationPress) The Union government has appointed Shirish Chandra Murmu as a Deputy Governor of the Reserve Bank of India for a term of three years, effective from October 9. This decision was sanctioned by the Appointments Committee of the Union Cabinet, succeeding M. Rajeshwar Rao, whose extended tenure concludes on October 8.
Currently, Murmu holds the position of Executive Director at the RBI, overseeing the Department of Supervision.
According to existing regulations, the RBI is mandated to have four Deputy Governors: two appointed from within the bank, one economist, and one from the commercial banking sector.
The other Deputy Governors include T. Rabi Sankar, Poonam Gupta, and Swaminathan J.
Rao has served for five years, initially taking office in 2020 for a three-year term, followed by two one-year extensions in 2023 and 2024.
In a related appointment last month, the government designated former RBI Governor Dr. Urjit Patel as the Executive Director at the International Monetary Fund (IMF) for a three-year term, following the early termination of Krishnamurthy V. Subramanian.
Dr. Patel is recognized for his role in shaping India’s inflation-targeting monetary policy.
An Indian economist born in Kenya, he has over thirty years of experience with the IMF.
Before moving to India in 1992 to become the IMF’s Deputy Resident Representative in New Delhi, he worked for five years at the organization in Washington, DC.
In 2016, he succeeded Raghuram Rajan as the 24th Governor of the RBI, marking the shortest tenure since 1992 and was the first to depart for personal reasons in 2018.
Point of View
It’s crucial to recognize the appointment of Shirish Chandra Murmu as a proactive step by the Union government. His extensive experience in the RBI positions him well to navigate the challenges ahead, ensuring that India's monetary policy remains robust and adaptive. This appointment reflects the government's commitment to maintaining a stable economic environment.
NationPress
29/09/2025
Frequently Asked Questions
Who is the newly appointed Deputy Governor of RBI?
Shirish Chandra Murmu has been appointed as the new Deputy Governor of the Reserve Bank of India.
When does Murmu's term as Deputy Governor start?
Murmu's term begins on October 9 and will last for three years.
Who did Murmu replace in this role?
He replaces M. Rajeshwar Rao, whose tenure ends on October 8.
What is Murmu's current position before being appointed?
He is currently the Executive Director at the RBI.
How many Deputy Governors does the RBI have?
The RBI is required to have four Deputy Governors.
