The Reserve Bank of India (RBI) is set to welcome a new Deputy Governor. The Appointments Committee of the Cabinet (ACC) has named Shirish Chandra Murmu as the Deputy Governor of the RBI.
At present, Murmu is serving as an Executive Director at the central bank. He has been appointed for a term of three years from the date of joining, on or after October 9, 2025, or until further orders, whichever is earlier.
All About SC Murmu
SC Murmu has vast experience in the banking sector and is known for his expertise in financial regulation and monetary management. He has adopted a pragmatic approach throughout his service, delivering effective solutions in various assignments that have ensured the smooth functioning of India’s banking system.
Murmu, who hails from Odisha, is a postgraduate from Jawaharlal Nehru University. According to TOI, officials said Murmu’s induction will help ensure the smooth functioning of the central bank at a time when financial markets are facing uncertainties in the international arena.
RBI has four deputy governors
Currently, RBI has four deputy governors, spanning departments including monetary policy, financial markets regulations, banking supervision and regulations. The four deputy governors are M R Rao, T Rabi Sankar, Swaminathan J and Poonam Gupta, according to the RBI website. The Governor with apex bank is Sanjay Malhotra.
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Meanwhile, the Reserve Bank of India’s Monetary Policy Committee (MPC) is expected to reduce the policy rates by 25 basis points (bps) in its policy announcement on Wednesday, according to a report by Union Bank of India.
