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 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 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 Gupt

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