RBI begins a new chapter in leadership as Shirish Chandra Murmu assumes office, succeeding M. Rajeshwar Rao.

The Reserve Bank of India (RBI) began its next phase of leadership change as Shirish Chandra Murmu took charge as the new RBI Deputy Governor on 9 October 2025, for a three-year term.

The Department of Financial Services under the Ministry of Finance issued the official order in early October 2025, confirming Murmu’s appointment. His selection marks an important addition to the RBI’s top management team, which is now back to its full strength of four deputy governors.

The move came soon after the completion of M. Rajeshwar Rao’s tenure on 8 October 2025, closing a five-year cycle of policy and supervision at India’s central bank. Reports by Reuters and The Economic Times published on 29 September 2025 highlighted the change as part of a structured reshuffle in the RBI’s leadership.

The Appointment: Part of RBI Deputy Governor Appointment 2025 News

According to a government release dated 29 September 2025, Shirish Chandra Murmu has been appointed for a three-year term, or until further orders, whichever is earlier. His appointment was recommended by the Financial Sector Regulatory Appointment Search Committee (FSRASC) after evaluating eligible candidates from within the RBI.

Murmu joined the central bank in 1991 and has over three decades of experience in supervision, regulation, and internal audit. Before his elevation, he was serving as Executive Director at RBI, managing the Department of Supervision and the Secretary’s Department.

With this appointment, the RBI now has a complete leadership team, which includes T. Rabi Sankar, Swaminathan J, and Dr. Poonam Gupta as the other three deputy governors.

The transition signifies more than a personnel change. It reflects the institution’s continued attempt to strengthen its regulatory structure and maintain operational continuity.

Deputy Governor	Term Start	Term End	Notes
M. Rajeshwar Rao	9 Oct 2020	8 Oct 2025	Completed extended tenure
Shirish Chandra Murmu	9 Oct 2025	8 Oct 2028*	Appointed for three years or until further orders

The table above is based on data published in the 2025 Reuters Report and the RBI appointment notice, confirming the official transition timeline.

This development also completes the leadership circle that began reshaping in May 2025, when Dr. Poonam Gupta was assigned the Monetary Policy Department as per an Economic Times report.

Role And Structure: Explained Under RBI Leadership Changes And Appointments 2025

The office of the Deputy Governor of RBI holds operational and policy authority across multiple departments. As per the RBI Act, four deputy governors manage regulatory, policy, and operational areas, ensuring each segment functions independently but within a collective framework.

Each deputy governor is given charge of specific departments, rotated periodically to balance accountability. This rotation helps prevent concentration of authority and aligns departmental goals with evolving policy needs.

As reported by The Times of India in October 2025, the RBI leadership changes and appointments 2025 saw Murmu being assigned the following departments:

Deputy Governor	Department / Function
Shirish Chandra Murmu	Regulation, Enforcement, Government & Bank Accounts, Communication
T. Rabi Sankar	Payments, IT, Forex Management
Swaminathan J	Supervision, Consumer Protection, Financial Inclusion
Dr. Poonam Gupta	Monetary Policy, Research, Statistics, Financial Stability

This new distribution aims to strengthen coordination across departments, streamline communication, and enhance operational oversight. Each deputy governor is expected to present quarterly reports to the RBI Governor, focusing on departmental performance and compliance outcomes.

These assignments reflect the central bank’s ongoing effort to improve governance efficiency and departmental clarity.

How Shirish Chandra Murmu Three-Year RBI Term Fits into RBI’s Broader Transition

Murmu’s appointment does not exist in isolation. It forms part of the RBI’s internal strategy to reinforce institutional continuity following major structural reforms between 2023 and 2024.

In May 2024, the RBI’s Portfolio Realignment Report redefined departmental structures to reflect digital growth, data management, and financial inclusion goals. That same realignment saw Dr. Poonam Gupta assume oversight of the Monetary Policy Department, following the exit of Dr. Michael Patra in March 2024.

Murmu’s appointment continues this pattern, bringing supervisory experience to the regulatory table. He has been associated with several RBI internal committees, including those on non-banking supervision and enforcement policy frameworks, as reported by Business Standard in October 2025.

Below is a comparative view of RBI’s leadership pattern over recent years.

Year	Deputy Governor Change	Departmental Focus	Objective
2023	Dr. Patra reassigned	Monetary Policy	Strengthen policy communication
2024	Dr. Poonam Gupta appointed	Research & Stability	Expand data-driven strategy
2025	S. C. Murmu joins	Regulation & Enforcement	Improve compliance governance

The sequence reflects RBI’s continuing effort to maintain a balance between research, regulation, and supervision.

This structural logic has helped RBI remain consistent in policy delivery even as inflation and digital payment systems evolve rapidly.

Linking Past Coverage: RBI’s Strategic Leadership Realignment

In April 2024, the Reserve Bank of India reorganised its leadership structure to meet growing regulatory and supervision needs. The new cycle in 2025 continues this process with Murmu’s joining as part of the leadership reshuffle.

Earlier reports said that such reshuffles help the RBI move resources between departments based on market changes, lending growth, and institutional priorities. With Murmu’s experience in supervision and audit, this new step strengthens the RBI’s focus on enforcement and financial discipline.

As LoansJagat reported in “IndusInd Bank to Boost Retail Loans & MSME Assets, Expand Retail Liabilities in FY26”, the RBI’s regulatory direction continues to shape how banks plan their lending and compliance strategies.

This steady pattern shows how RBI’s leadership and policies move in rhythm, keeping both policy direction and accountability in balance.

Government And Banking Sector Reactions To The Appointment

The Finance Ministry, in its statement on 9 October 2025, described Murmu’s appointment as a “continuation of internal strength-building within RBI.” Government sources cited by Press Trust of India (PTI) confirmed that the selection aligns with the central bank’s effort to “sustain regulatory momentum.”

Banking associations have also responded positively. The Indian Banks’ Association (IBA) called the appointment “a steady move to strengthen regulatory discipline.” Financial analysts quoted in Business Standard observed that Murmu’s expertise in supervision would reinforce the enforcement mechanism for commercial and cooperative banks.

A comparison with earlier appointments shows how perceptions have shifted across years.

Year	Appointee	Government Response	Banking Sector Response
2020	M. Rajeshwar Rao	Focus on supervision	Caution on compliance rigidity
2025	Shirish Chandra Murmu	Focus on specialization	Support for stronger regulatory clarity

These responses indicate that the central bank’s top leadership now enjoys greater institutional backing than in earlier transitions.

Conclusion

The RBI deputy governor appointment 2025 news reflects more than administrative rotation. It shows a steady pattern of leadership renewal that connects policy consistency with institutional flexibility.

As Shirish Chandra Murmu, new RBI deputy governor steps into his office for a three-year term, the central bank looks set to maintain its direction, firm, structured, and focused on stability.

The real measure of Murmu’s tenure will rest not in ceremonial appointments but in how well the RBI strengthens its regulatory framework under his watch.

Other News Pages
RBI Raises IPO Financing and Loan Against Securities Limits	Indian Banks See Slower Loan Growth, Weak Q2 Profits	Top Banks Offer Big Festive Discounts and Cashbacks	Axis Bank Q2: Rising Credit Costs May Hit Profits
RBI Rate Cut in December? Impact on Debt Market	Bank Sets Cash Withdrawal Limit to ₹10,000	Shirish Chandra Murmu Appointed RBI Deputy Governor	RBI: House Prices Up 3.6% in Q1
Telangana Becomes India’s UPI Leader	RBI Approves Rupee Lending to Bhutan, Nepal, Sri Lanka	India’s Inflation Falls Below RBI Target, Rate Cut Hopes Rise	Govt Forms Panel on EPFO Investment Advisory
Air India Gets $215M Funding from Standard Chartered and BOI	Is the Era of Easy Gold Loans Ending?	US Tariffs Not a Major Threat to India’s Growth	RBI Governor: India’s Economic Growth Weaker Than Expected