The government has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India, effective October 9, for a three-year term, reported Reuters.

Murmu, currently an executive director at the RBI, will succeed Rajeshwar Rao, whose tenure ends on October 8. Rao has been overseeing banking regulation and other portfolios.

As per the RBI Act, 1934, the Reserve Bank of India is required to have four deputy governors: two from within the central bank, one from the commercial banking sector, and an economist to lead the monetary policy department.

The other three deputy governors currently are T Rabi Sankar, Swaminathan J, and Poonam Gupta.
 

Rajeshwar Rao was first appointed deputy governor in September 2020 for a three-year term and subsequently received a one-year extension in 2023, followed by another extension in 2024. He will complete a total of five years in office on October 8.