Mumbai | Reserve Bank of India Executive Director Shirish Chandra Murmu has been elevated as its Deputy Governor, the central bank said on Tuesday.

He has been appointed as deputy governor for three years from the date of joining the post on or after October 9, 2025, or until further orders, whichever is earlier, the RBI said in a statement on Tuesday.

Murmu would replace M Rajeshwar Rao, whose extended tenure is coming to an end on October 8.

The Appointments Committee of the Cabinet has approved his appointment.

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.

The other three deputy governors are T Rabi Sankar, Swaminathan J and Poonam Gupta.

It is worth noting that 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.