New Delhi : The government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three-year term.Murmu would replace M Rajeshwar Rao, whose extended tenure is coming to an end on October 8.

The Appointments Committee of the Cabinet has approved his appointment for a period of three years from the date of joining the post on or after October 9, sources said on Monday.Murmu is currently Executive Director at the Reserve Bank of India (RBI), overseeing the Department of Supervision. Read Also Sensex, Nifty Soar Buoyed By RBI's Repo Rate Decision Meeting

According to the RBI Act, 1934, the central bank should have four deputy governors -- two from within the ranks, one from the commercial banking sector, and an economist to head the monetary policy dep

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