Following the appointment of Shirish Chandra Murmu as Deputy Governor, the Reserve Bank of India (RBI) has revised the distribution of portfolios among its Deputy Governors, effective October 9, 2025.
Under the new structure, Murmu will be in charge of the Department of Regulation, Department of Communication, Department of Government and Bank Accounts, and the Enforcement Department.
With the Department of Regulation under his charge, Murmu is expected to play a key role in shaping policies governing urban cooperative banks (UCBs) and other cooperative credit institutions.
While the RBI has not officially mentioned any change in the supervision portfolio, it is understood that operational oversight through the Department of Supervision will continue under Deputy Governor Swaminathan Janakiraman, ensuring continuity in monitoring and compliance functions for cooperative and commercial banks.
The redistribution of portfolios comes at a time when the RBI is emphasizing governance, transparency, and financial discipline within the cooperative sector, signaling a renewed focus on strengthening regulatory oversight and policy implementation.