The first Governor of the Reserve Bank of India was British banker, Sir Osborn Smith, while Sir C.D. Deshmukh was the first Indian Governor in the RBI governor list. Shri Shaktikanta Das, an IAS Retd., former Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance, Government of India assumed charge as the 25th Governor of the Reserve Bank of India effective from December 12, 2018.
This article will upkeep you with the RBI Governors list, their names and the duration they have worked in the Reserve Bank of India. You will also know about the roles and responsibilities of the RBI Governor.
Knowing about the RBI Governors forms a very important part of your preparation for any competitive exam, be it UPSC exam, Bank exam or any other Government exams. List of RBI Governors is a static GK topic in terms of UPSC syllabus.
For more such Static GK topics, check the article linked here.
The Reserve Bank of India established by the British Government in 1935, is the highest monetary authority of the nation. Since its establishment, the organization has seen 25 people serving as the RBI Governor.
The Governor of Reserve Bank of India is the Chief Executive Officer of the Central Bank of India and the Ex-officio Chairman of its Central Board of Directors.
The RBI Governors are appointed by the government of India for a fixed time period and not elected. The Indian note issued by the Reserve Bank of India is signed by the Governor of the RBI.
The list of Reserve Bank of India Governors is important for the Polity section in the UPSC exam. Candidates preparing for UPSC exam can check significant information on the exam in the linked article.
Duties, Roles & Responsibilities of RBI Governor
- Being the head of the most prestigious financial institutions, the RBI governors are responsible for maintaining the monetary stability in an economy. Thus, plays an important role in formulating the policies of Reserve Bank of India.
- The responsibility for issuing licenses to open new foreign and private banks is also headed by the governor of RBI.
- The power to control the interest rates on advances and deposits of the country is vested upon the governors. However, the scope of this power is limited to prescribing minimum lending rates and interest rates on savings accounts.
- The financial system of the nation is regulated and administered by the Governor and he only sets the parameters within which the whole financial system functions.
- The Governor of RBI manages the external trade and payment also promotes orderly development and maintenance of foreign exchange market in India which comes under the foreign exchange management act, 1999.
- Monitoring of adequate quantities of currency notes and coins supply in the country and the issuance and destruction of currency not fit for circulation in public.
- RBI Governor also keeps a check on rules and regulations in order to make them more customer-friendly.
- Through Urban Bank Departments RBI governor leads and supervise primary co-operative banks.
- Furthermore, RBI Governor also has a part to play in facilitating and monitoring the flow of credit to small scale industries, rural, and agricultural sectors. The responsibility for regulating state co-operative banks, regional rural banks, and various local area banks.
All these and many more responsibilities are shouldered by the person serving as the Governor in the Reserve Bank of India.
List of Governors Of Reserve Bank of India
The list of RBI Governors from 1935 to 2020 is as mentioned below:
|RBI Governors||Time Period 1935-2020|
|Sir Osborne Smith||April 1, 1935 – June 30, 1937|
|Sir James Braid Taylor||July 1, 1937 – February 17, 1943|
|Sir C.D. Deshmukh||August 11, 1943 – June 30, 1949|
|Sir Bengal Rama Rau||July 1, 1949 – January 14, 1957|
|K.G. Ambegaonkar||January 14, 1957 – February 28, 1957|
|H.V.R Lyengar||March 1, 1957 – February 28, 1962|
|P.C Bhattacharya||March 1, 1962 – June 30, 1967|
|L.K. Jha||July 1, 1967 – May 3, 1970|
|B.N. Adarkar||May 4, 1970 – June 15, 1970|
|S. Jagannathan||June 16, 1970 – May 19, 1975|
|N.C. Sen Gupta||May 19, 1975 – August 19, 1975|
|K.R. Puri||August 20, 1975 – May 2, 1977|
|M. Narasimham||May 3, 1977 – November 30, 1977|
|I.G. Patel||December 1, 1977 – September 15, 1982|
|Manmohan Singh||September 16, 1982 – January 14, 1985|
|Amitav Gosh||January 15, 1985 – September 4, 1985|
|R.N. Malhotra||February 4, 1985 – December 22, 1990|
|S. Vpnldraramanan||December 22, 1990 – December 21, 1992|
|C. Rangarajan||December 22, 1992 – November 21, 1997|
|Bimal Jalan||November 22, 1997 – September 6, 2003|
|Y.V. Reddy||September 6, 2003 – September 5, 2008|
|D. Subbarao||September 5, 2008 – September 4, 2013|
|Raghuram G. Raj an||September 4, 2013 – September 4, 2016|
|Urjit Ravindra Patel||September 4, 2016 – December 10,2018|
|Shaktikanta Das||December 12, 2018 – to date|
- The person who served as the RBI Governor for the longest time period was Benegal Rama Rao. He worked for 7 years from 1st July 1949 to 14th January 1957.
- Amitabh Ghosh served RBI as Governor for the shortest time, only for 20 days starting from January 15, 1985, to February 4, 1985.
Aspirants of Bank exams, UPSC exams, Government exams or any other competitive exams must be well aware of the list of RBI Governors and the time duration they have served the organization. This topic holds relevance for the general awareness section of all types of competitive exams and for the Polity section in the UPSC exams.
Frequently Asked Questions on RBI Governor List
Q 1. What is the salary of an RBI Governor?
Q 2. Who is the current Governor of the Reserve Bank of India?
Q 3. What are the responsibilities of the RBI Governor?
Ans. The responsibilities of an RBI Governor include:
- Maintaining monetary stability in economy
- Issuing license to new foreign and private banks
- Regulating the financial system of the nation
- Monitoring adequate quantity of currency
- Supervising Primary Co-operative Banks
- Power to control the interest rates on advances and deposits