List of RBI Governors: RBI, or the Reserve Bank of India, is India’s regulatory body and central bank. It was established on 1st April, 1935. Later RBI got nationalized on 1st January, 1949. RBI handles the supply of Indian rupees and manages all economic issues. The Indian banking system is completely dependent on RBI. Promoting the economic development of India is also a responsibility of the RBI.
The first governor of RBI was Osborne Smith and the current governor is Shaktikanta Das. The first women deputy governor of RBI was KJ Udeshi.
Members of RBI
Its 21 members maintain all the operations of RBI. This central board of directors is composed of;
- The governor
- Four deputy governors
- Two finance ministry representatives
- Ten directors nominated by the government
- Four directors representing the local boards for Kolkata, Chennai, Mumbai, and Delhi
All these local boards have five members representing cooperative banks, regional interests, and indigenous banks.
Powers of RBI governor
The governor is the head of RBI. As a result, he or she has a lot of powers. They are;
- The governor can formulate RBI policies
- The governor controls the rates of interest on deposits of the country.
- The governor manages the foreign exchange management Act 1999
- The governor is the banker of banks so his or her decision influences all macro and micro economics of the country.
- The Governor’s actions make a huge impact on the stock market.
- The governor influences the economy and lives of people in a country.
- The governor signs the currency notes of a country.
Eligibility for becoming an RBI governor
List of RBI Governors: A person with a graduate, post-graduate, or C.A. degree can become a governor. The applicant should also meet any of these criteria;
- The applicant has worked as a Chairman/ED/General Manager in a bank
- The applicant has worked in the Finance Department of the Government of India
- The applicant has worked at the World Bank/IMF
- The applicant has a great experience in a reputed bank or any financial institution
- The applicant has worked in a world-reputed banking or financial organization.
The Appointment process for an RBI governor
The Governor is the main executive of the RBI, and operations performed here are undertaken in the governor’s name. The Central Government primarily appoints an RBI governor. Initially, all candidates are shortlisted by an Appointment Committee. This committee then consults with the Prime Minister, the Finance Ministry, and the previous RBI governor according to the RBI ACT 1935.
Tenure of an RBI governor
List of RBI Governors: The tenure of an RBI governor is not more than five years. This tenure can get extended in special circumstances. The president can also terminate the service, or the governor can resign due to grave matters.
Responsibilities of an RBI governor
As mentioned above, the governor is the chairperson of RBI. Being such an important person, he or she has a huge list of responsibilities. Every decision RBI takes must be approved by the governor. The governor also has the right to initiate or terminate any operation. All the major responsibilities of an RBI governor are listed below;
- The Reserve Bank of India maintains the financial stability of this country. Because the governor is the head of such a prestigious institution, he plays a significant role in formulating all the policies of RBI.
- If a private or foreign bank plans to open their branch in India, they have to issue a license. The RBI can only issue this license and grant private or foreign banks to open their branch.
- The control of the interest rates on advances and deposits of India also falls under the duty of a RBI governor. The governor can also set the minimum lending rate and prescribe the interest rate on different savings accounts.
- Regulating India’s financial system is the sole duty of the RBI governor. They also administer the financial system of the country. Setting the parameters that will help the financial system run smoothly is also a governor’s duty. None can move a rupee from the bank without the permission of the RBI governor.
- Foreign exchange management Act 1999 regulates external trades and payment methods. It also maintains the foreign exchange market and promotes orderly development. This act and its regulations are managed and maintained by the governor of RBI.
- The governor plays a significant role in helping and promoting actions that serve national objectives and national welfare.
- The governor constantly reviews the rules and regulations of RBI to make their services more customer-centric. His team helps him in this task.
- The RBI governor also leads and supervises primary co-operative banks. This action is executed with the help of the Urban Banks Department.
- The governor also makes sure an adequate amount of credit flows to agricultural, rural, and other small scale industries.
- The governor frames policies for agricultural banks and priority sector banks.
- The governor regulates regional rural banks and other local banks.
- To eradicate poverty in India, the governor of RBI also plays a major part.
RBI Governors List: Full Table
The list of RBI Governors from 1935 to 2020 is as mentioned below:
|RBI Governors Names||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|
FAQs on RBI Governors: List of RBI Governors
1. In which year did the RBI get nationalized?
Ans: In 1949, RBI got nationalized.
2. Based on which recommendation RBI was set up?
Ans: Based on the Royal Commission, RBI was set up.
3. Who is the 25th governor of RBI?
Ans: Shaktikanta Das is the 25th and present governor of RBI.
4. Which bank prints the currency notes in India?
Ans: Reserve Bank of India prints the currency notes.
5. Where and where was RBI founded?
Ans: RBI was founded on 1st April, 1935 in Kolkata.
6. Who was the first woman deputy governor of RBI?
Ans: The first women deputy governor of RBI was KJ Udeshi.
7. Which prime minister of India also became the governor of RBI?
Ans: Manmohan Singh is the only prime minister of India who also became the governor of RBI.