Shirish Murmu Named RBI Deputy Governor, Replacing Rao

The Indian government has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India for a three-year term beginning Oct. 9, a move confirmed by government notices and the Appointments Committee of the Cabinet. Murmu, currently an executive director at the RBI, will replace M. Rajeshwar Rao, whose term ends on Oct. 8. Rao had overseen banking regulation, enforcement and risk monitoring and served on the central bank's monetary policy committee in February and April before Poonam Gupta took over that remit in June. The RBI has four deputy governors covering areas such as monetary policy, financial markets and banking supervision, but Murmu's specific portfolio allocation has not yet been announced.