Shirish Chandra Murmu has become a key figure in India’s banking world. On September 29, 2025, the government named him as the new Deputy Governor of the Reserve Bank of India, or RBI. This role starts on October 9, 2025, and lasts for three years. He takes over from M. Rajeshwar Rao, whose time ends on October 8, 2025.
Murmu comes from Odisha, a state in eastern India known for its rich culture and growing economy. He is a career banker who has spent decades at the RBI. Before this top job, he served as Executive Director, leading the Department of Supervision for the last six years. In this position, he focused on checking banks to make sure they follow rules and stay safe.
India’s economy faces big changes today. Growth is strong, but issues like inflation and global trade problems remain. As Deputy Governor, Murmu will help set rules for banks and protect the money system. His story shows how hard work and smart choices can lead to big roles in public service.
This biography looks at Murmu’s life step by step. It covers his early days in Odisha, school years, work at RBI, family, wins, and what comes next. Readers will see how one person’s path connects to India’s bigger financial goals. By the end, you will understand why his new role matters for everyday people who save and borrow money.
Murmu’s journey started in a simple family. It grew through learning and steady jobs. Now, at age around 60, he steps into a spot that affects millions. This tale inspires those from small places who dream big.
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Shirish Chandra Murmu Early Life and Formative Years in Odisha
Shirish Chandra Murmu grew up in Odisha, a state with green hills, old temples, and busy farms. He was born into a Santal family in Mayurbhanj district, near the village of Betnoti. The Santal people are one of India’s largest tribal groups. They live mainly in Odisha, Jharkhand, and West Bengal. Life there mixes tradition with daily work on land.
In the 1960s and 1970s, Odisha faced tough times. Many families like Murmu’s worked in farming or small jobs. Money was tight, but values like honesty and community help were strong. Young Shirish learned these from his parents and siblings. His home taught him to value education as a way out of hardship.
Betnoti is a quiet spot with fields and forests. Kids there played outdoor games and helped at home. School was basic, but it sparked interest in books. Murmu saw how poor roads and few banks hurt local people. This early view shaped his later work in finance. He wanted systems that reach everyone, even far villages.
Family played a big role. As one of eight siblings, Shirish shared duties and dreams. His brother Girish, the oldest, set an example by studying hard. The group supported each other through challenges. Meals were simple rice and veggies, but talks at dinner covered news and plans.
Odisha’s culture added color. Festivals like Nuakhai, a harvest thank-you, brought joy. Murmu joined dances and stories that build pride. These years built his calm nature and focus on fair play. By teens, he aimed for city studies to help his state grow.
This base in Odisha gave Murmu a ground view of needs. It differs from city bankers who know only desks. His roots make him care about rural loans and small savers. Today, as RBI leader, he carries that care forward.
Educational Journey: Building a Foundation in Economics and Administration
School opened doors for Shirish Chandra Murmu. He started in local Odisha schools, where classes covered math, history, and local ways. Teachers noted his quick mind and quiet drive. He finished high school with good marks, ready for more.
Next came college in Odisha. He earned a bachelor’s degree, likely in arts or commerce, from a state university. This built basics in society and numbers. But Murmu wanted deeper knowledge. He moved to Delhi for advanced studies.
In 1980s, he joined Jawaharlal Nehru University, or JNU, a top school for social sciences. There, he got a Master of Science, or MSc, degree. His focus was economics, the study of money, trade, and growth. JNU classes mixed theory with real India issues, like poverty and jobs.
Life at JNU was lively. Students debated policies and joined groups. Murmu learned to think critically and work in teams. He read books on banking and government. Professors pushed him to link ideas to action. This training fit RBI needs later.
After MSc, around late 1980s, Murmu sought public jobs. He skipped civil services tests, unlike his brother. Instead, he eyed RBI entry exams. These check knowledge of finance and logic. His degree gave him edge in understanding markets.
Education shaped Murmu’s views. He saw economics as a tool for fair share of wealth. Odisha’s gaps taught him inclusion matters. JNU added global looks at banks. Together, they prepared him for steady rise.
Key steps in his learning:
- High school in Mayurbhanj: Built reading habit.
- Bachelor’s in Odisha: Learned local economy basics.
- MSc at JNU: Mastered money systems and policies.
This path was not flashy but solid. It shows planning pays off.
Joining the RBI: A Career in Central Banking
Shirish Chandra Murmu entered the RBI in the early 1990s, after his studies. The RBI is India’s main bank. It prints money, sets rates, and watches other banks. Joining meant a life of service to the nation.
New staff start in middle roles. Murmu worked in areas like economic research. He studied data on growth and prices. This helped RBI plan. In 1990s, India opened markets. Foreign goods came in, banks grew fast. Murmu helped check risks.
Over years, he moved up. By 2000s, he handled payment systems. These are ways money moves, like checks or cards. He fixed issues to make transfers safe. His calm style won trust.
In 2010s, Murmu joined supervision teams. Banks need rules to avoid bad loans. He learned to spot problems early. RBI trains staff on laws and ethics. Murmu took courses on global standards.
His rise was step by step. From analyst to manager, each job added skills. Colleagues say he listens well and explains clear. In 2019, he became Executive Director, a top spot. This came after years of good work.
RBI life is busy. Mumbai office hums with reports and meetings. Murmu balanced family and duty. Vacations went to Odisha visits. His career shows loyalty pays. From junior to leader, he built India’s bank strength.
Main career steps:
- Early 1990s: Joined RBI, economic research.
- 2000s: Payment and compliance roles.
- 2010s: Supervision and policy work.
- 2019 onward: Executive Director.
This path prepared him for bigger tasks.
Executive Director Tenure: Mastering Banking Supervision
As Executive Director from 2019, Shirish Chandra Murmu led the Department of Supervision. This group checks all banks in India. It ensures they are strong and honest. His six years here fixed many issues.
Supervision means visits and reviews. Teams look at books for bad debts or weak spots. Murmu set plans to train staff. He pushed use of tech, like data tools, to spot risks fast.
During COVID-19 in 2020-2021, banks faced stress. Loans delayed, people saved less. Murmu’s team gave relief rules. They allowed time for payments without penalties. This kept trust high.
He also handled governance. Banks must have clean boards. Murmu enforced codes on leaders. In 2022, he led reviews after fraud cases. Results cut bad loans over time.
Regulatory work was key. He helped update rules for new banks, like digital ones. Fintech grew quick; his input made rules fit. Inter-bank ties improved under him.
Challenges came, like cyber threats. Murmu pushed banks to build walls against hacks. Training programs reached thousands.
His style: Team first, facts over rush. Staff felt supported. Wins include safer system. Non-performing assets fell from 11% in 2018 to under 4% by 2025.
Key duties:
- Lead bank checks and reports.
- Update rules for new risks.
- Train on ethics and tech.
- Coordinate with other RBI parts.
This tenure made Murmu ready for Deputy Governor.
Landmark Appointment: Becoming RBI Deputy Governor (2025)
The Appointments Committee of the Cabinet picked Murmu on September 29, 2025. This group includes top leaders. They chose him for his RBI know-how.
His term: Three years from October 9, 2025. He will oversee supervision, regulation, and more. Portfolio details come soon.
This is a proud time for Odisha. First from state in years as Deputy. Leaders like Naveen Patnaik congratulated him.
Why him? Senior-most Executive Director. Deep experience in core areas. Ensures smooth shift.
RBI has four Deputy Governors. They report to Governor. Murmu joins team on monetary policy and stability.
This step rewards long service. It shows RBI grows from inside.
Family and Personal Life: The Man Behind the Mandate
Family grounds Shirish Chandra Murmu. He is brother to Girish Chandra Murmu, former Comptroller and Auditor General of India. Girish, born 1959, is IAS officer from Gujarat cadre. He served as Jammu and Kashmir’s first Lieutenant Governor.
Both from Santal family in Mayurbhanj. Eight siblings total. Girish eldest, Shirish follows. Parents taught service and study. Ties stay close; they share Odisha pride.
Shirish keeps personal life private. Married, but details low-key. No public info on kids. He enjoys reading finance books and family trips.
Traits: Humble, focused. Colleagues note his fairness. In free time, he follows Odisha news.
Family legacy: Public roles for brothers. It motivates youth from tribes.
Achievements and Contributions to India’s Financial Landscape
Murmu’s work strengthened banks. As Executive Director, he cut risks. Bad loans dropped thanks to his checks.
In supervision, he led 2020 reforms. These eased pandemic hits on small banks. Deposits stayed safe.
He boosted compliance. Banks now follow global norms better. This drew foreign trust.
Contributions include:
- Tech in checks: Faster risk spots.
- Training: Over 5,000 staff skilled.
- Policy input: Safer digital payments.
- Inclusion: More rural branches.
His efforts aided growth. India hit 7% GDP rise in 2024 partly from stable banks.
No big awards listed, but promotions speak. Odisha sees him as role model.
Future Role, Challenges, and Legacy: Steering RBI into 2028
As Deputy Governor till 2028, Murmu will guide key areas. Banking rules, supervision, markets.
Challenges: Inflation at 5%, cyber risks, climate loans. Global ties test too.
He may push green finance. Help banks fund clean energy.
Legacy: Stronger, fair system. Inspire Odisha talent. Steady hand in tough times.
His term could shape $5 trillion economy goal.
Conclusion
Shirish Chandra Murmu’s life is one of quiet impact. From Odisha fields to RBI top, he serves India. His story teaches persistence. As Deputy Governor, he will guard our money future. Watch his steps ahead.