CHENNAI: The government has appointed Shirish Chandra Murmu as deputy governor of the Reserve Bank of India (RBI) for a period of three years starting October 9 (today).

Murmu would replace M Rajeshwar Rao, whose extended tenure came to an end on October 8, reported PTI.

RBI has four deputy governors, Swaminathan J, Rajeshwar Rao, T Rabi Sankar and Poonam Gupta who take care of several functions of the central bank including monetary policy, management of foreign exchange, regulation and supervision of the financial system, among others.

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.

Murmu has also presided over several high-level internal committees to review RBI regulations in various areas.

He also holds the charge of the Secretary’s Department, providing secretarial support to the Central Board of RBI and its committees.