Shirish Chandra Murmu has been appointed as the new deputy governor of the Reserve Bank of India (RBI).

The appointment of Murmu, who is currently serving as Executive Director at the RBI, has been approved by the Appointments Committee of the Cabinet for a three-year period, according to a government release.

The appointment takes effect from October 9, 2025, or upon assuming charge, whichever comes first. The three-year appointment period extends until October 2028, unless modified by subsequent government orders.

Murmu will succeed M. Rajeshwar Rao, whose extended tenure as Deputy Governor ends on October 8, 2025. Rao, who has worked at the central bank for over 20 years, was appointed as RBI Deputy Governor in October 2020.

Rao was in charge of the departments of regulation, enforcement, and legal, apart from coordination roles. In January this year, he was also given the responsibility of the key monetary policy department.

As an Executive Director, Murmu has been involved in senior oversight functions and high-level administrative and regulatory responsibilities at the central bank.

The RBI has four deputy governors, who  handle departments including monetary policy, financial markets regulations, banking supervision and regulations. Murmu's portfolio allocation is yet to be announced.