Shirish Chandra Murmu will take over as RBI Deputy Governor from M Rajeshwar Rao, whose extended five-year tenure comes to an end on October 8, sources said
The Cabinet has approved his appointment for a period of three years from the date of joining the post on or after October 9. Representational Pic/File
The Appointments Committee of the Cabinet has approved the appointment of Shirish Chandra Murmu as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, sources said on Monday, reported the PTI.
They said that the Cabinet has approved his appointment for a period of three years from the date of joining the post on or after October 9.
Murmu will take over from M Rajeshwar Rao, whose extended five-year tenure comes to an end on October 8.
Rao was first appointed in September 2020 for a three-year term and was subsequently given two extensions, in 2023 and 2024.
Murmu is currently serving as an Executive Director at the RBI, where he oversees the Department of Supervision.
According to the RBI Act, 1934, the central bank should have four deputy governors -- two from within the ranks, one from the commercial banking sector, and an economist to head the monetary policy department, as per the PTI.
The other three deputy governors are T Rabi Sankar, Swaminathan J and Poonam Gupta.
Rao was first appointed Deputy Governor in September 2020 for a period of three years and received a one-year extension in 2023, followed by another extension in 2024. Thus, Rao would complete a total of five years on October 8.
Murmu's appointment completes the four-member Deputy Governor panel at the RBI.
RBI MPC meeting to begin on Monday, policy rate announcement on Wednesday
Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank of India will begin its three-day meeting today in Mumbai to decide on the policy rates, according to the ANI.
The members of the committee will gather to discuss and deliberate on the repo rates and review the prevailing economic conditions before arriving at a decision.
The meeting is scheduled to continue for three days, after which the announcement of the monetary policy outcome will be made on Wednesday, October 1.
The focus of the meeting will be on assessing the current state of the economy and determining whether any changes are required in the key policy rates to support growth while managing inflation.
RBI Governor Sanjay Malhotra will announce the outcome of the meeting on Wednesday at 10 am, the ANI reported.
The announcement will provide clarity on the committee's decision regarding the repo rates and other related policy measures. The monetary policy outcome is closely watched by markets, businesses, and policymakers for its impact on borrowing costs and overall economic activity.
(with PTI and ANI inputs)
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