Appointment of New RBI Deputy Governor

• Appointment Details: Shirish Chandra Murmu has been appointed as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, effective from October 9. He takes over from M Rajeshwar Rao whose tenure concludes on October 8.

• Organizational Approval: His appointment has been approved by the Appointments Committee of the Cabinet (ACC).

• Professional Background:

  • Murmu is a career central banker with over 33 years of experience, starting his career at the RBI in 1991.
  • He has served as Executive Director at the RBI for the past six years and has been leading the Department of Supervision (DoS), which oversees all banks and non-banking financial institutions within RBI's supervisory purview.
  • He has chaired several high-level internal committees to review RBI regulations across various sectors.

• Current Leadership Structure: The RBI consists of four Deputy Governors. Other existing deputy governors include T Rabi Sankar, Swaminathan J, and Poonam Gupta.

• Roles and Responsibilities:

  • As Deputy Governor, Murmu is expected to contribute towards the regulatory framework and supervision of the banking sector aimed at enhancing financial stability and compliance.

• RBI's Mandate: The RBI plays a crucial role in India's financial system, focusing on monetary policy, regulation of banks, and oversight of the financial market to ensure economic stability.

This appointment reflects the government’s ongoing efforts to ensure experienced leadership within the central banking system, particularly in supervision and regulation, amid the complex financial challenges.