The Reserve Bank of India (RBI) has appointed Shirish Chandra Murmu as its new Deputy Governor for a three-year term beginning October 9, 2025. He succeeds M. Rajeshwar Rao, whose tenure ends a day earlier. While the appointment is a routine transition in the country’s central bank, it carries special significance: Murmu belongs to the Santhal tribal community, and his elevation to one of the highest posts in the financial sector is both a professional achievement and a moment of representation.
Murmu is an insider within the RBI system. Before his elevation, he served as an Executive Director, responsible for the Department of Supervision and the Secretary’s Department. These portfolios are among the most critical in the central bank, dealing with the health of India’s banking system and ensuring regulatory compliance across institutions. His steady career in supervision and governance explains why he was chosen to join the small circle of Deputy Governors who shape policy, oversee regulation, and participate in the RBI’s Monetary Policy Committee.
His appointment matters on two levels. Professionally, Murmu steps in at a time when the RBI faces multiple challenges—from navigating global inflationary pressures and regulating digital finance to safeguarding cybersecurity in banking. His expertise in supervision makes him well placed to strengthen regulatory frameworks and ensure financial stability in a fast-changing economic environment. Symbolically, his rise represents the growing visibility of tribal voices in India’s national institutions, spaces where Adivasi presence has historically been rare.
The connection also runs within his family. He is reported to be related to Girish Chandra Murmu, the former Comptroller and Auditor General of India and ex-Lieutenant Governor of Jammu and Kashmir, another figure who has held significant responsibility in governance. This reflects not only individual merit but also the expanding footprint of Santhal leaders in India’s administrative and institutional structures.
For the RBI, Shirish Chandra Murmu brings continuity, stability, and experience in one of the most sensitive areas of central banking. For India’s tribal communities, his appointment is also a reminder that representation at the highest levels of decision-making is possible. In the years ahead, his work will be measured by how effectively he helps the central bank balance growth, regulation, and innovation. But his very presence at the top already speaks of an India that is learning to draw strength from its diversity as much as from its expertise.
