Governor of the Reserve Bank of India
Incumbent
Shaktikanta Das, IAS

since 12 December 2018; 2 years ago (2018-12-12)
AppointerGovernment of India
Term lengthThree years
Constituting instrumentReserve Bank of India Act, 1934
Inaugural holderSir Osborne Smith (1935–1937)
Formation1 April 1935; 86 years ago (1935-04-01)
DeputyDeputy Governors of the Reserve Bank of India
Salary₹ 2,50,000
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. 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 India, the RBI has been headed by twenty-five governors. The Governor of 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. Shaktikanta Das is the twenty-fifth governor of the Reserve Bank of India from 12 December 2018.

List of Governors of the Reserve Bank of India

List of governors of the Reserve Bank of India
No. Officeholder Portrait Term start Term end Term in office Background Prior offices References
1 Sir Osborne Smith
1 April 1935 30 June 1937 821 days Banker Managing Governor of the Imperial Bank of India [1]
2 Sir James Braid Taylor
1 July 1937 17 February 1943 2057 days Indian Civil Service (ICS) officer Deputy Governor of the Reserve Bank of India

Controller of Currency

[2]
3 Sir C. D. Deshmukh
11 August 1943 30 June 1949 2150 days ICS officer Deputy Governor of the Reserve Bank of India

Custodian of Enemy Property

4 Sir Benegal Rama Rau
1 July 1949 14 January 1957 2754 days Ambassador of India to the United States

Ambassador of India to Japan

Chairman of Bombay Port Trust

5 K. G. Ambegaonkar 14 January 1957 28 February 1957 45 days Finance Secretary
6 H. V. R. Iyengar 1 March 1957 28 February 1962 1825 days Chairman of the State Bank of India
7 P. C. Bhattacharya 1 March 1962 30 June 1967 1947 days Indian Audit and Accounts Service officer Chairman of the State Bank of India

Secretary in the Ministry of Finance

8 Lakshmi Kant Jha 1 July 1967 3 May 1970 1037 days ICS officer Secretary to the Prime Minister of India
9 B. N. Adarkar 4 May 1970 15 June 1970 42 days Economist Executive Director at the International Monetary Fund
10 Sarukkai Jagannathan 16 June 1970 19 May 1975 1798 days ICS officer Executive Director at the World Bank
11 N. C. Sen Gupta 19 May 1975 19 August 1975 92 days Banking Secretary
12 K. R. Puri 20 August 1975 2 May 1977 621 days Chairman and managing director of the Life Insurance Corporation
13 M. Narasimham 3 May 1977 30 November 1977 211 days Career Reserve Bank of India officer Deputy Governor of the Reserve Bank of India
14 I. G. Patel
1 December 1977 15 September 1982 1749 days Economist Director of the London School of Economics

Deputy Administrator of the United Nations Development Programme
Chief Economic Adviser to the Government of India

15 Manmohan Singh
16 September 1982 14 January 1985 851 days Secretary in the Ministry of Finance

Chief Economic Adviser to the Government of India

16 Amitav Ghosh 15 January 1985 4 February 1985 20 days Banker Deputy Governor of the Reserve Bank of India

Chairman of the Allahabad Bank

17 R. N. Malhotra 4 February 1985 22 December 1990 2147 days Indian Administrative Service (IAS) officer Finance Secretary

Executive Director at the International Monetary Fund

18 S. Venkitaramanan 22 December 1990 21 December 1992 730 days IAS officer Finance Secretary
19 C. Rangarajan
22 December 1992 21 November 1997 1795 days Economist Deputy Governor of the Reserve Bank of India
20 Bimal Jalan
22 November 1997 6 September 2003 2114 days Finance Secretary

Banking Secretary

Chief Economic Adviser to the Government of India

21 Y. Venugopal Reddy
6 September 2003 5 September 2008 1826 days IAS officer Executive Director at the International Monetary Fund

Deputy Governor of the Reserve Bank of India

22 D. Subbarao
5 September 2008 4 September 2013 1825 days Finance Secretary

Member-Secretary of the Prime Minister's Economic Advisory Council

23 Raghuram Rajan
4 September 2013 4 September 2016 1096 days Economist Chief Economic Adviser to the Government of India

Chief Economist of International Monetary Fund

24 Urjit Patel
4 September 2016 11 December 2018 828 days Deputy Governor of the Reserve Bank
25 Shaktikanta Das
12 December 2018 Incumbent 1013 days IAS officer Member of the Fifteenth Finance Commission

Sherpa of India to the G20

Economic Affairs Secretary

Revenue Secretary

[3][4][5]

References

  1. ^ Dadabhoy, Bakhtiar K (18 September 2013). Barons of Banking - Glimpses of Indian Banking History. Random House India. p. 20. ISBN 9788184004762.
  2. ^ Saha, Siddhartha Sankar (2013). Indian financial systems and markets. New Delhi, IN.: McGraw-Hill. p. 67. ISBN 978-1259005008.
  3. ^ Prasad, Gireesh Chandra; Ghosh, Shayan; Gopakumar, Gopika (11 December 2018). "Shaktikanta Das, who oversaw demonetization, is new RBI governor". Livemint. New Delhi/Mumbai: Vivek Khanna. Retrieved 12 December 2018.
  4. ^ "Shaktikanta Das Is New RBI Governor". BloombergQuint. BQ Desk. 11 December 2018. Retrieved 11 December 2018.CS1 maint: others (link)
  5. ^ "Shaktikanta Das: The man behind GST, note ban now heads RBI". The Economic Times. ET Online. The Times Group. 11 December 2018. OCLC 61311680. Retrieved 11 December 2018.CS1 maint: others (link)