Why in News? 

The Appointments Committee of the Cabinet approved the appointment of Shirish Chandra Murmu as a Deputy Governor of the Reserve Bank of India (RBI) on September 29, 2025. This appointment is significant as he replaces M. Rajeshwar Rao, whose tenure is set to end, maintaining the mandated strength of four Deputy Governors in the central bank.

Key Points

• Appointment: Shirish Chandra Murmu has been appointed as the Deputy Governor of the Reserve Bank of India.
• Term: His appointment is for a period of three years.
• Effective Date: The appointment will be effective from October 9, 2025.
• Predecessor: He is set to succeed M. Rajeshwar Rao, whose term as Deputy Governor concludes on October 8, 2025.
• Previous Role: Prior to this appointment, Murmu was serving as an Executive Director at the RBI.
• Structure: The RBI operates with one Governor and a maximum of four Deputy Governors.

Important Terms

• RBI Deputy Governor: One of the four top-level executive positions in the Reserve Bank of India, responsible for specific portfolios like monetary policy, banking regulation, or supervision, and assisting the RBI Governor.
• Appointments Committee of the Cabinet (ACC): A committee of the Government of India that decides on top-level appointments in the central government, including those in the RBI.
• Executive Director (RBI): A senior internal position at the RBI, usually ranking just below the Deputy Governors, overseeing key administrative and regulatory functions.