Shirish Chandra Murmu Appointed as RBI Deputy Governor

Shirish Chandra Murmu is appointed as the new Deputy Governor of the Reserve Bank of India for a term of three years. He will officially assume office on this date, and by this time, M. Rajeshwar Rao will have retired, and his term will have expired. Murmu is the Executive Director, presently working in the RBI, and he has been involved in the supervision of banks and non-banking companies in financial matters. This appointment will also make the central bank stronger in terms of leadership, but his portfolio as the Deputy Governor will be announced upon his assumption of office.

Role and Responsibility of RBI Deputy Governor

• Controls and regulates banks and NBFCs.
• Helps in the establishment and execution of monetary policy.
• Manages financial markets, forex, and liquidity.
• Monitors payment systems and issues of currency.
• Enhances financial inclusion, consumer protection, and digital banking.
• Speaks on behalf of RBI on both nationally and internationally oriented financial platforms.

Important Facts of Reserve Bank of India (RBI)

• Incorporated on 1 April 1935 as part of the RBI Act, 1934.
• First Governor Sir Osborne Smith (1935-1937)
• Headquarters moved to Mumbai in 1937, starting in Kolkata.
• Nationalised in 1949 by means of the Reserve Bank (Transfer to Public Ownership) Act.
• RBI’s symbol is the lion and palm tree, with the slogan In the Service of the Nation
• Under the Central Board, which is led by the Governor and four Deputy Governors.
• Both are important in economic development and financial inclusion.

Conclusion

The central bank and financial regulator of the country is the Reserve Bank of India, which was formed in 1935 in accordance with the RBI Act 1934. It is led by a Governor and four Deputy Governors who are jointly responsible for monetary policy, regulation, and supervision. It was nationalised in 1949 and operates under major acts like the RBI Act and Banking Regulation Act, which provide currency stability, financial inclusion, and accountability and independence in dictating the economic growth of India