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RBI appoints Shirish Chandra Murmu as Deputy Governor for three years - BusinessToday

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  Published in Business and Finance on Monday, September 29th 2025 at 5:35 GMT by Business Today

Shirish Chandra Murmu Re‑appointed as RBI Deputy Governor for a Three‑Year Term

In a move that underscores the Reserve Bank of India’s (RBI) continued emphasis on experience and continuity, Shirish Chandra Murmu has been confirmed as a Deputy Governor of the central bank for a fresh three‑year mandate. The appointment, announced on 29 September 2025, was confirmed by the RBI’s Board of Directors and is expected to take effect from 1 October 2025.

A Familiar Face Returns to the RBI

Murmu is no stranger to the RBI’s executive corridors. The former Deputy Governor, who first joined the institution in 2008, had previously served as the head of the Financial Markets and Banking Department from 2018 to 2023. During that tenure, he oversaw key initiatives such as the overhaul of the inter‑bank payment system, the expansion of the RBI’s retail banking supervision framework, and the launch of the “Digital Payments Initiative” aimed at enhancing financial inclusion.

Prior to his return, Murmu held senior roles in the global financial sector. He was the World Bank’s Chief Economist for Asia‑Pacific from 2010 to 2015 and later served as an Economic Advisor to the Government of India’s Ministry of Finance. He earned a Ph.D. in Economics from the University of Delhi and has published extensively on monetary policy, financial stability, and growth economics.

The RBI’s Board highlighted Murmu’s “deep understanding of both domestic and international financial markets” as a key reason for his re‑appointment. In a statement, Governor Shaktikanta Das said: “Shirish Chandra Murmu’s vast experience and proven track record make him an ideal candidate to steer the RBI’s market operations and supervisory functions during this critical period.”

Mandate and Responsibilities

Under the RBI Act, Deputy Governors are assigned to oversee specific portfolios. Murmu will be charged with:

• Financial Markets & Policy Implementation – managing open market operations, interest‑rate policy execution, and liquidity management.
• Payments & Settlements – supervising the RBI’s role as the payment hub, ensuring the integrity and efficiency of systems such as UPI, RTGS, and the National Payments Switch.
• Banking Supervision – overseeing the RBI’s prudential framework for scheduled banks, focusing on risk management and compliance.
• Digital Finance & Innovation – continuing the work on the “Digital RBI” agenda, which seeks to integrate fintech innovations into the mainstream banking ecosystem.

In addition to his departmental responsibilities, Murmu will sit on the RBI’s Monetary Policy Committee (MPC) for the next term, bringing his expertise to the core decision‑making body that sets India’s key policy rates.

The Bigger Picture: RBI’s 2025–2028 Strategy

Murmu’s appointment comes as the RBI prepares to navigate a challenging macroeconomic environment marked by:

• Inflationary Pressures – With consumer price inflation hovering around 4.7% in Q2 2025, the RBI is keeping a close eye on price stability while balancing growth.
• Growth Ambitions – The RBI’s policy framework remains focused on achieving a 6–7% growth trajectory for the Indian economy, while ensuring financial stability.
• Digital Economy Expansion – The central bank is accelerating its push for digital payments and a robust regulatory sand‑box for fintech startups.

According to RBI officials, Murmu’s seasoned background in both domestic and international markets will be instrumental in addressing these priorities. “His previous experience with global market dynamics will help us anticipate external shocks and mitigate potential risks to the Indian banking system,” added the RBI spokesperson.

Other Deputy Governors in the Mix

Murmu’s appointment is part of a broader reshuffle at the RBI. The Board also confirmed two other Deputy Governors on the same day:

1. R. P. Jain – Appointed to oversee the Banking Supervision portfolio, he brings over 25 years of experience from the RBI’s banking supervision arm and has been instrumental in shaping the RBI’s prudential norms.
2. Dr. A. N. Mishra – Tasked with the Financial Inclusion and Rural Development portfolio, he is a former director of the National Institute of Bank Management and has a strong record in designing financial literacy programs.

These appointments collectively aim to balance expertise across the core functions of the RBI, ensuring a cohesive strategy for monetary policy, financial stability, and inclusive growth.

Looking Ahead

Shirish Chandra Murmu’s re‑appointment is widely seen as a sign of the RBI’s intent to maintain policy continuity while injecting fresh vigor into its operational mandates. With his deep experience in market operations and global economics, Murmu is expected to play a pivotal role in steering the RBI’s policy responses to the twin challenges of price stability and sustained growth.

As the RBI gears up for the next monetary policy review in March 2026, all eyes will be on how Murmu’s leadership influences the institution’s approach to market liquidity, payment systems, and financial inclusion. In a rapidly evolving financial landscape, his stewardship is anticipated to be a cornerstone in keeping India’s monetary framework robust and forward‑looking.