The Reserve Bank of India has named Shirish Chandra Murmu as its new deputy governor for a three-year term.

Murmu, who currently holds the position of executive director at the central bank, will succeed M. Rajeswar Rao, whose retirement is scheduled for this week.

The new role becomes effective on October 9 and will span three years.

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In his capacity as deputy governor, Murmu is expected to oversee one or several critical areas including banking regulation, financial markets, or monetary policy, although his specific responsibilities have not yet been disclosed.

The Reserve Bank operates with four deputy governors who manage various departments such as monetary policy, financial markets regulations, and banking supervision and regulations.

In his current role as executive director, Murmu is responsible for senior-level oversight and manages important administrative and regulatory policy duties within the RBI's organizational framework, as stated on the central bank's official website.

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Within the secretary's department, his responsibilities would generally encompass inter-departmental coordination, governance issues, and maintaining regulatory compliance along with internal administrative functions.

The government has given approval for Poonam Gupta's appointment as the new Deputy Governor of the Reserve Bank of India, with this decision coming before the Reserve Bank's Monetary Policy Committee meeting set for the 7th to 9th of this month.

Gupta will take over from Micheal Debabrata Patra, whose term ended in January of this year.

 

An official statement indicates that the Cabinet's Appointments Committee has sanctioned Gupta's appointment for three years starting from her joining date or until subsequent orders, whichever comes first.

Gupta currently holds the position of Director General at the National Council of Applied Economic Research in New Delhi, recognized as India's premier economic policy research institution. Additionally, she participates as a member of the Prime Minister's Economic Advisory Council and serves as Convener for the 16th Finance Commission's Advisory Council.

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Her educational background includes a Master's degree and doctorate in Economics from the University of Maryland in the United States, along with a Master's degree in Economics obtained from the Delhi School of Economics at the University of Delhi.