Bhubaneswar (Odisha) [India], September 30 (ANI): Biju Janata Dal (BJD) President Naveen Patnaik on Tuesday congratulated Shirish Chandra Murmu for his appointment as Deputy Governor of the Reserve Bank of India.

Posting on his X, Naveen Patnaik said, '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.'

Earlier, the Appointments Committee of the Cabinet (ACC) approved the appointment of Shirish Chandra Murmu as the Deputy Governor of the Reserve Bank of India (RBI). He is currently serving as the Executive Director at the apex bank.

According to a government notice, Murmu's tenure will be for three years from the date of joining, on or after October 9, 2025, or until further orders, whichever is earlier.

Currently, RBI has four deputy governors, spanning departments including monetary policy, financial markets regulations, banking supervision and regulations. The four deputy governors are M R Rao, T Rabi Sankar, Swaminathan J and Poonam Gupta, according to the RBI website. The Governor with apex bank is Sanjay Malhotra.

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.

Meanwhile, the Reserve Bank of India's Monetary Policy Committee (MPC) is expected to reduce the policy rates by 25 basis points (bps) in its policy announcement on Wednesday, according to a report by Union Bank of India. The report suggested that the downward trend in inflation has created room for such a move, and this cut is being seen as a 'booster cut' from the RBI.

It stated 'Our baseline view is of a 25bps repo rate cut in this meeting. The view is premised on another round of sharp downward revision in inflation projection for FY26'.

The upcoming October MPC meeting has become too close to call, with markets debating whether the committee will go ahead with a cut or hold the rates steady. (ANI)