The government has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India (RBI), effective 9 October, sources reported. Murmu, currently serving as executive director at the central bank, will hold the position for three years.

Murmu to succeed Rajeshwar Rao

Murmu will replace M Rajeshwar Rao, whose five-year tenure ends on October 8. Rao, appointed in September 2020 for three years, had received two extensions in 2023 and 2024. During his term, he was responsible for banking regulation and other supervisory portfolios. As deputy governor, Murmu is expected to be assigned one or more key departments of the RBI, though his exact responsibilities have not yet been announced, according to sources.

Role of RBI deputy governors

Under the RBI Act, 1934, the central

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