India, Sept. 29 -- India has appointed Shirish Chandra Murmu as a deputy governor of the Reserve Bank of India for a period of three years, according to a government notice released on Monday.

Murmu, currently serving as an executive director at the central bank, will replace M. Rajeswar Rao, who is set to retire this week.

The appointment will take effect on 9 October for a period of three years.

As the new RBI deputy governor, Murmu will likely take charge of one or more of the key portfolios-banking regulation, financial markets, monetary policy - though his precise allotment is yet to be announced.

The central bank has four deputy governors, spanning departments including monetary policy, financial markets regulations, banking sup...