In a significant leadership appointment, the Government of India has named Shri Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI), effective October 9, 2025, for a three-year term. A senior and highly respected central banker, Shri Murmu currently serves as an Executive Director at the RBI and brings with him decades of rich experience in financial regulation, policy formulation and institutional governance.
Shri Murmu will succeed Shri Rajeshwar Rao, who concludes his distinguished five-year tenure on October 8, 2025. During his term, Shri Rao has overseen key regulatory and supervisory functions at the central bank, including banking regulation, risk management, and policy coordination, contributing significantly to strengthening India’s financial sector resilience in the post-pandemic recovery phase.
Under the Reserve Bank of India Act, 1934, the central bank is structured to have four Deputy Governors- two from within the RBI, one from the commercial banking sector, and one economist leading the monetary policy function. The other serving Deputy Governors are Shri T. Rabi Sankar, Shri Swaminathan J. and Dr. Poonam Gupta, who together form the core leadership team assisting the Governor in steering monetary, regulatory, and financial sector policies.
Known for his strategic vision, administrative acumen, and deep understanding of India’s financial ecosystem, Shri Murmu has played a pivotal role in advancing several RBI initiatives, including the digitization of banking services, financial inclusion frameworks and the strengthening of internal control systems. His appointment underscores the Government’s confidence in his leadership and the RBI’s commitment to ensuring continuity, stability and forward-looking policy execution.
Industry experts view this transition as timely, given the RBI’s expanding mandate to balance monetary stability with technological innovation and evolving regulatory challenges. Shri Murmu’s expertise in regulatory governance, financial supervision, and public policy is expected to further reinforce the RBI’s strategic direction, particularly in emerging areas such as digital finance, cyber resilience and climate-risk management.
As Shri Rajeshwar Rao concludes his tenure, his contributions to the RBI’s regulatory and supervisory architecture are being widely acknowledged across the financial community. His steady stewardship through an era of global financial uncertainty has laid a strong foundation for the next phase of regulatory evolution.
Shri Murmu’s appointment, therefore, marks not only a continuation of strong institutional leadership within the RBI but also a renewal of its vision to maintain monetary stability, financial integrity and inclusive growth in a rapidly transforming economic landscape. With his extensive experience and distinguished record of service, Shri Murmu is well-positioned to contribute meaningfully to the Reserve Bank’s mission of fostering a secure, dynamic and resilient financial system for India.
