The government has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India (RBI). As per details, his appointment will be effective from October 9 for a period of three years. Murmu is currently serving as an executive director at the RBI. He will replace Rajeshwar Rao whose tenure will end on October 8. Rajeshwar Rao has been responsible for overseeing banking regulation along with several other portfolios during his term. His departure will now pave the way for Murmu to step into one of the top positions within the central bank.
Portfolios under deputy governors
The RBI has four deputy governors, each handling critical areas such as monetary policy, banking supervision, and regulation of financial markets. Murmu is expected to take charge of one or more of these portfolios, though his exact responsibilities are yet to be officially announced.
Murmu's current role
As an executive director, Murmu has been involved in senior oversight functions and high-level administrative and regulatory responsibilities. According to the central bank's website, his work in the secretary's department covers governance matters, coordination between departments, regulatory compliance, and internal administration.
Know about other three deputy governors of RBI
- T. Rabi Sankar: He sees a wide range of operational and technology-oriented portfolios. His responsibilities include the Department of Payment and Settlement Systems, Fintech Department, Foreign Exchange Department, Information Technology and the Central Security Cell. He also oversees government-related accounts and external investment operations, underscoring his key role in advancing digital systems and managing cross-border financial operations.
- Swaminathan Janakiraman: He is primarily responsible for supervisory and consumer-focused areas. He heads the Department of Supervision, Consumer Education and Protection Department and the Deposit Insurance and Credit Guarantee Corporation. His charge also extends to Financial Inclusion, Inspection, Rajbhasha, and Premises Departments, reflecting his strong involvement in oversight and customer-centric banking functions.
- Poonam Gupta: She looks after macroeconomic policy and strategic communication. She leads the Monetary Policy Department, Department of Economic and Policy Research, Financial Stability Department, and International Department. In addition, she manages the Department of Communication and Corporate Strategy and Budget which places her at the core of RBI's policy planning, analysis and outreach.
ALSO READ: Big update on digital payments: RBI to allow more ways to comply with the two-factor authentication
