Reserve Bank of India (RBI)
The Reserve Bank of India is the central bank of our Country. This bank governs the working of other banks and financial institutions in India. RBI launched its operations from its headquarters in Kolkata on 1st April 1935. Currently, the headquarters of the RBI is in Mumbai. The Governor of the Reserve Bank of India is the chief executive of India’s central bank and the ex-officio chairperson of its Central Board of Directors. The Central Government appoints the RBI Governor, along with other Deputy Governors. Specifically, the Prime MinisterтАЩs Office consults the finance minister and the outgoing governor to decide the next Governor.
Role of RBI Governors
The RBI governors are responsible for maintaining the monetary stability in an economy. Thus, plays an important role in formulating the policies of the Reserve Bank of India. The responsibility for issuing licenses to open new foreign and private banks is also headed by the governor of RBI. They handle the framing of policies on the priority sectors and support the agriculture banks. RBI governor also controls the operations under the Foreign Exchange Management Act, 1999 which facilitates external trade and payment and promotes orderly development and maintenance of foreign exchange market in the country. So far, 24 governors have headed RBI. The Term of Office typically runs for 3 years.
The RBI Governor has many powers, but the most significant ones are mentioned below:-
1. Control over Monetary, Currency, and Credit system
2. Heads all the Schedule Banks
3. Signatures on Currency Notes
4. Control over Stock Market
5. Influence on Micro and Macro Economies
List of Governors of Reserve Bank of India (RBI)
S.No. | Name of the RBI Governors | Time-Period (1935-2022) |
---|---|---|
1. | Sir Osborne Smith | April 1, 1935 тАУ June 30, 1937 |
2. | Sir James Braid Taylor | July 1, 1937 тАУ February 17, 1943 |
3. | Sir C.D. Deshmukh | August 11, 1943 тАУ June 30, 1949 |
4. | Sir Bengal Rama Rau | July 1, 1949 тАУ January 14, 1957 |
5. | K.G. Ambegaonkar | January 14, 1957 тАУ February 28, 1957 |
6. | H.V.R Lyengar | March 1, 1957 тАУ February 28, 1962 |
7. | P.C Bhattacharya | March 1, 1962 тАУ June 30, 1967 |
8. | L.K. Jha | July 1, 1967 тАУ May 3, 1970 |
9. | B.N. Adarkar | May 4, 1970 тАУ June 15, 1970 |
10. | S. Jagannathan | June 16, 1970 тАУ May 19, 1975 |
11. | N.C. Sen Gupta | May 19, 1975 тАУ August 19, 1975 |
12. | K.R. Puri | August 20, 1975 тАУ May 2, 1977 |
13. | M. Narasimham | May 3, 1977 тАУ November 30, 1977 |
14. | I.G. Patel | December 1, 1977 тАУ September 15, 1982 |
15. | Manmohan Singh | September 16, 1982 тАУ January 14, 1985 |
16. | Amitav Gosh | January 15, 1985 тАУ February 4, 1985 |
17. | R.N. Malhotra | February 4, 1985 тАУ December 22, 1990 |
18. | S. Vpnldraramanan | December 22, 1990 тАУ December 21, 1992 |
19. | C. Rangarajan | December 22, 1992 тАУ November 21, 1997 |
20. | Bimal Jalan | November 22, 1997 тАУ September 6, 2003 |
21. | Y.V. Reddy | September 6, 2003 тАУ September 5, 2008 |
22. | D. Subbarao | September 5, 2008 тАУ September 4, 2013 |
23. | Raghuram G. Raj an | September 4, 2013 тАУ September 4, 2016 |
24. | Urjit Ravindra Patel | September 4, 2016 тАУ December 10,2018 |
25. | Shaktikanta Das | December 12, 2018 тАУ To Date |