Shirish Chandra Murmu has been appointed as a deputy governor of the Reserve Bank of India (RBI) for a three-year term starting October 9. Murmu, who is currently an executive director of RBI, will replace M. Rajeshwar Rao, according to reports. The Appointment Committee of the Cabinet (ACC) approved Murmu’s nomination, emphasising his proven record in financial oversight and governance.

An Indian Administrative Service officer of the 1985 batch from Gujarat, Murmu leads the secretary’s department in his current role at the central bank. His duties involve coordinating between RBI departments, overseeing governance issues, ensuring compliance with regulations, and managing internal administration.

The new appointment strengthens RBI’s leadership amid evolving economic challenges. Murmu will support the central bank’s oversight, banking regulation, and financial stability responsibilities.

The RBI has four deputy governors overseeing areas such as monetary policy, financial markets regulation, and banking supervision. Murmu’s portfolio assignment is yet to be announced.

Last month, in another high-profile appointment, the government had picked veteran banker Rajiv Anand as the new chief executive officer of IndusInd Bank for a three-year term beginning August 25. “The board looks forward to working closely with Rajiv and the management team to achieve strong and sustainable growth while maintaining the highest standards of governance. The board would like to thank the Reserve Bank of India for its invaluable support throughout the process,” Sunil Mehta, chairman of the board of directors at IndusInd Bank, had stated.

The fresh appointment came after former CEO Sumant Kathpalia and his deputy Arun Khurana resigned following allegations of an accounting lapse worth around ₹1,960 crore in the lender’s foreign exchange derivatives portfolio, leading to a substantial loss. Hence, Anand was brought in to focus on maintaining sustainable financial performance.