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List of governors of the Reserve Bank of India

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Governor of the Reserve Bank of India
Bhāratīya Rija़rva Baiṁka kē Gavarnara
Seal of the Reserve Bank of India
since 11 December 2024
TypeChief Executive Officer
StatusChief Executive Officer of Reserve Bank of India
AppointerGovernment of the Republic of India
Term length3 years (extendable)
Constituting instrumentReserve Bank of India Act, 1934
Inaugural holderSir Osborne Smith
Formation1 April 1935; 89 years ago (1935-04-01)
DeputyDeputy Governor
Salary₹250,000 (US$2,900)
Websiterbi.org.in

The governor of the Reserve Bank of India is the chief executive officer of India's central bank and the ex-officio chair of its Central Board of Directors. Initially it was below the cabinet secretary rank but currently it an equivalent rank to cabinet secretary. Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature. Since its establishment in 1935 by the government of the Republic of India, the RBI has been headed by twenty-five governors. The governor of the Reserve Bank of India is a member of the Strategic Policy Group headed by National Security Advisor Ajit Doval. It is a crucial wing of the National Security Council.[clarification needed]

The term of office typically runs for three years and can, in some cases,[vague] be extended for another two years.

The inaugural officeholder was the British banker Sir Osborne Smith, while Sir C. D. Deshmukh was the first native Indian governor. Holding office for over seven years, Sir Benegal Rama Rau was the longest-serving governor, while Amitav Ghosh's 20-day term is the shortest. The bank's fifteenth governor, Dr Manmohan Singh, later became India's thirteenth prime minister. Sanjay Malhotra is the twenty-sixth governor of the Reserve Bank of India from 11 December 2024.[1]

List of governors

[edit]
List of governors of the Reserve Bank of India
No. Governor Picture Term[2] Notes[2] References
From To Length of tenure
1

Sir Osborne Smith

1 April 1935 30 June 1937 2 years, 90 days Smith was a British banker who served as the managing governor of the Imperial Bank of India prior to becoming the governor. He resigned the governorship before the completion of the term. [3]
2 Sir James Braid Taylor 1 July 1937 17 February 1943 5 years, 231 days Taylor was an ICS officer who served as the controller of the currency and the deputy governor of RBI before becoming the governor. His stewardship saw the Bank through the war years and decisive break away from a silver currency to fiat money. He died while in office. [4]
3 Sir C. D. Deshmukh 11 August 1943 30 June 1949 5 years, 323 days Deshmukh was an ICS officer who served as the deputy governor of RBI prior to becoming the governor. He was the first Indian to serve as the governor. His governorship oversaw the partition of India as the subsequent division of assets and liabilities between India and Pakistan. [2]
4 Sir Benegal Rama Rau 1 July 1949 14 January 1957 7 years, 197 days Rau was an ICS officer who served as the Indian ambassador to the United States prior to becoming the governor. He resigned the governorship before the completion of his second extended term. [2]
5 K. G. Ambegaonkar 14 January 1957 28 February 1957 45 days Ambegaokar was an ICS officer who served as the Finance Secretary prior to becoming the deputy governor of RBI. He was appointed as the interim governor upon the resignation of Benegal Rama Rau. [2]
6 H. V. R. Iengar 1 March 1957 28 February 1962 4 years, 364 days Iyengar was an ICS officer who served as the chairman of the State Bank of India prior to becoming the governor. Indian coinage was shifted from earlier systems to decimal coinage during his governorship. [2]
7 P. C. Bhattacharya 1 March 1962 30 June 1967 5 years, 121 days Bhattacharya was an IA&AS officer who served as the chairman of the State Bank of India prior to becoming the governor. [2]
8 Lakshmi Kant Jha 1 July 1967 3 May 1970 2 years, 306 days Jha was an ICS officer who served as the secretary to the prime minister prior to becoming the governor. He left the office upon his appointment as the Indian ambassador to the United States. [2]
9 B. N. Adarkar 4 May 1970 15 June 1970 42 days Adarkar was an economist who served as the economic advisor to the government prior to becoming the deputy governor of RBI. He was appointed as the interim governor. [2]
10 Sarukkai Jagannathan 16 June 1970 19 May 1975 4 years, 337 days Jagannathan was an ICS officer who served as India's executive director of the World Bank prior to becoming the governor. He resigned from the office to become India's executive director of the IMF. [2]
11 N. C. Sen Gupta 19 May 1975 19 August 1975 92 days Gupta served as the secretary to the Department of Banking, Ministry of Finance prior to becoming the interim governor. [2]
12 K. R. Puri 20 August 1975 2 May 1977 1 year, 255 days Puri served as the chairman of the Life Insurance Corporation prior to becoming the governor. His governorship oversaw the formation of various regional rural banks. [2]
13 M. Narasimham 3 May 1977 30 November 1977 211 days Narasimham was a RBI research officer who served as an additional Secretary to the Department of Economic Affairs prior to becoming the governor. [2]
14 I. G. Patel 1 December 1977 15 September 1982 4 years, 288 days Patel was an economist who served as a secretary in the Ministry of Finance prior to becoming the governor. His governorship oversaw the demonetization of ₹5,000 and ₹10,000 value currency.[5] [2]
15 Manmohan Singh 16 September 1982 14 January 1985 2 years, 120 days Singh was an economist who served as the Finance Secretary prior to becoming the governor. His governorship oversaw various legal reforms related to banking. He went on to become the Prime Minister of India. [2]
16 Amitav Ghosh 15 January 1985 4 February 1985 20 days Ghosh was the deputy governor of RBI who was appointed as the interim governor until R. N. Malhotra assumed the office. [2]
17 R. N. Malhotra 4 February 1985 22 December 1990 5 years, 321 days Malhotra was an IAS officer who served as executive director of the IMF prior to becoming the governor. His governorship oversaw the inauguration of Indira Gandhi Institute of Development Research. [2]
18 S. Venkitaramanan 22 December 1990 21 December 1992 1 year, 365 days Venkitaramanan was an IAS officer who served as the Finance Secretary prior to becoming the governor. India adopted IMF's stabilization program during his governorship. [2]
19 C. Rangarajan 22 December 1992 21 November 1997 4 years, 334 days Rangarajan is an economist who served as the deputy governor of RBI prior to becoming the governor. His governorship oversaw the establishment of unified exchange rate. [2]
20 Bimal Jalan 22 November 1997 6 September 2003 5 years, 288 days Jalan is an economist who served at various positions including Chief Economic Advisor to the government and later as the Finance Secretary, prior to becoming the governor. His governorship oversaw less inflation and interest rates. [2]
21 Y. V. Reddy 6 September 2003 5 September 2008 4 years, 365 days Reddy is an IAS officer who served as the deputy governor of RBI prior to becoming the governor. During his governorship, he contributed in the financial sector reforms and external commercial borrowings. [2]
22 D. Subbarao 5 September 2008 4 September 2013 4 years, 364 days Subbarao is an IAS officer who served as the Finance Secretary prior to becoming the governor. He wrote on various issues including decentralization and public finance. [2]
23 Raghuram Rajan 4 September 2013 4 September 2016 3 years, 0 days Rajan is an economist who served as the Chief Economic Advisor to the government and the Chief Economist of IMF prior to becoming the governor. [2]
24 Urjit Patel 4 September 2016 10 December 2018 2 years, 98 days Patel is an economist who worked with the IMF and the central government. He served as the deputy governor of RBI prior to becoming the governor. His governorship oversaw the demonetization of ₹500 and ₹1000 banknotes. He later resigned citing personal reasons. [6][7][8]
25 Shaktikanta Das 12 December 2018 11 December 2024 5 years, 365 days Das was an IAS officer who served as the Revenue Secretary and later Economic Affairs Secretary. He served as a Member of the 15th Finance Commission prior to becoming the governor. [9][10][11][12]
26 Sanjay Malhotra 11 December 2024 Incumbent 19 days Malhotra is an IAS officer who served as the Financial Services Secretary and later Revenue Secretary of India. [13]

References

[edit]
  1. ^ "New RBI Governor Sanjay Malhotra Biography, Education Qualification and Career Details". Jagranjosh.com. 10 December 2024. Retrieved 26 December 2024.
  2. ^ a b c d e f g h i j k l m n o p q r s t u v w "Governors". Reserve Bank of India. Retrieved 19 June 2022.
  3. ^ Dadabhoy, Bakhtiar K. (2013). Barons of Banking: Glimpses of Indian Banking History. Noida: Random House India. p. 20. ISBN 978-81-8400-476-2.
  4. ^ Saha, Siddhartha Sankar (2013). Indian Financial Systems and Markets. New Delhi: McGraw-Hill. p. 67. ISBN 978-1-259-00500-8.
  5. ^ "In 1946 and 1978, India had demonetised Rs 5,000, 10,000 notes". Deccan Chronicle. 9 November 2016. Retrieved 19 June 2022.
  6. ^ "Urjit Patel Resigns - Here are the reasons". Economic Times. 11 December 2018. Retrieved 12 August 2019.
  7. ^ "Urjit Patel appointed Deputy Governor".
  8. ^ "Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi", The Indian Express, 9 November 2016
  9. ^ Prasad, Gireesh Chandra; Ghosh, Shayan; Gopakumar, Gopika (11 December 2018). "Shaktikanta Das, Who Oversaw Demonetization, Is New RBI Governor". Livemint. Retrieved 24 April 2022.
  10. ^ "N.K. Singh heads 15th Finance Commission, Shaktikanta Das a member". Business Standard. New Delhi. 27 November 2017. Retrieved 15 January 2018.
  11. ^ "Shaktikanta Das appointed Economic Affairs Secretary; Hasmukh Adhia is new Revenue Secretary". The Economic Times. New Delhi. 29 August 2015. Retrieved 15 January 2018.
  12. ^ "Shaktikanta Das appointed as Revenue Secretary". Business Standard. New Delhi. Press Trust of India. 16 June 2014. Retrieved 15 January 2018.
  13. ^ Venkiteswaran, Rajesh Trichur (26 December 2024). "Sanjay Malhotra Takes Charge As RBI Governor". Global Finance Magazine. Retrieved 26 December 2024.
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