New Delhi, Sep 29 (PTI) The government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three-year term.

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 for a period of three years from the date of joining the post on or after October 9, sources said on Monday.

Murmu is currently Executive Director at the Reserve Bank of India (RBI), overseeing 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.

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. PTI DP DRR

RBI Deputy Governor appointment elevates Executive Director to a fixed term, replacing the outgoing deputy governor. Appointment of Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three year fixed term, approved by the Appointments Committee of the Cabinet and effective from joining on or after October 9, replacing the incumbent whose extended tenure ends October 8; Murmu is an RBI Executive Director overseeing the Department of Supervision.