The government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three-year term. The Appointments Committee of the Cabinet approved his appointment on Monday (September 29, 2025).

Mr. Murmu’s appointment will take effect from October 9, a government notice said. He is currently Executive Director at the Reserve Bank of India (RBI).

Mr. Murmu will replace Rajeshwar Rao, who is currently the deputy governor in charge of banking regulation and other portfolios. Mr. Rao’s term ends on October 8.

The central bank has four deputy governors, spanning departments including monetary policy, financial markets regulations, banking supervision and regulations.

Mr. Murmu’s portfolio allocation has yet to be announced.