BJD President Naveen Patnaik congratulates Shirish Chandra Murmu on his appointment as RBI Deputy Governor
(source : ANI) ( Photo Credit : ani)
Biju Janata Dal leader Naveen Patnaik shared warm congratulations on Tuesday for Shirish Chandra Murmu’s new role as Deputy Governor of the Reserve Bank of India. The Odisha native, who’s already an Executive Director at the RBI, got the nod from the government’s Appointments Committee of the Cabinet.
In a post on X, Patnaik wrote: “I extend my heartfelt congratulations to Shri Shirish C. Murmu from Odisha on his appointment as Deputy Governor of the Reserve Bank of India. Under his guidance, India’s economy reaches new heights. I wish him further successes in the coming days.”
Murmu’s three-year term starts when he joins on or after October 9, 2025, or until the government says otherwise. He joins a team of four Deputy Governors handling key areas like monetary policy, financial markets, banking supervision, and regulations. The current lineup includes M R Rao, T Rabi Sankar, Swaminathan J, and Poonam Gupta. RBI Governor Sanjay Malhotra oversees it all from the bank’s Central Office in Mumbai.
The RBI, India’s central bank, kicked off in 1935 under the Reserve Bank of India Act. It started in Kolkata but shifted permanently to Mumbai in 1937, where big decisions like economic policies get shaped. Nationalized in 1949, it’s now fully owned by the Indian government and run by a central board of directors appointed under the same act.
Shifting gears to the economy, the RBI’s Monetary Policy Committee could deliver good news tomorrow. A Union Bank of India report predicts a 25 basis points cut in the repo rate, thanks to cooling inflation trends. “Our baseline view is of a 25bps repo rate cut in this meeting,” the report says, pointing to fresh downward tweaks in inflation forecasts for FY26. This move might act as a boost for growth.
Markets are buzzing, though—some bet on the cut, while others think the committee might hold rates steady in the October meeting.
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