The Reserve Bank of India (RBI) is the highest banking authority in India. Since its establishment in 1935 by the British colonial government, many have worked on the post of the Governor of the Reserve Bank of India. Recently, Sanjay Malhotra has been appointed the Governor of RBI on December 11, 2024.
Shaktikanta Das, the 25th governor of the Reserve Bank of India, stepped down on Tuesday after six years in office.
The Governor of the 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 Indian note issued by the Reserve Bank of India (RBI) bears the signature of the Governor of the Reserve Bank of India. The RBI Governor is appointed by the government of India for a three-year term and can be re-elected for the position.
The first Governor of the Reserve Bank of India was Sir Osborn Smith, while C.D. Deshmukh was the first Indian Governor of the Reserve Bank of India.
Also Read| List of Government Banks or Public Sector Banks of India
List of all the Governors of the Reserve Bank of India (1935-2025)
Check the table below for complete details:
| No. | Governor | Term Start | Term End | Length of Tenure | Notes |
| 1 | Sir Osborne Smith | 1 April 1935 | 30 June 1937 | 2 years, 90 days | Smith was a British banker and former managing governor of the Imperial Bank of India. Resigned early. |
| 2 | Sir James Braid Taylor | 1 July 1937 | 17 February 1943 | 5 years, 231 days | ICS officer, oversaw wartime and the transition from silver currency to fiat money. Died in office. |
| 3 | Sir C. D. Deshmukh | 11 August 1943 | 30 June 1949 | 5 years, 323 days | First Indian governor; managed partition and division of assets. |
| 4 | Sir Benegal Rama Rau | 1 July 1949 | 14 January 1957 | 7 years, 197 days | ICS officer, served as Indian ambassador to the U.S. Resigned before completing term. |
| 5 | K. G. Ambegaonkar | 14 January 1957 | 28 February 1957 | 45 days | Interim governor post-Rama Rau; former Finance Secretary. |
| 6 | H. V. R. Iengar | 1 March 1957 | 28 February 1962 | 4 years, 364 days | Oversaw transition to decimal coinage; former chairman of the State Bank of India. |
| 7 | P. C. Bhattacharya | 1 March 1962 | 30 June 1967 | 5 years, 121 days | Former chairman of the State Bank of India. |
| 8 | Lakshmi Kant Jha | 1 July 1967 | 3 May 1970 | 2 years, 306 days | Former secretary to the Prime Minister; later became Indian ambassador to the U.S. |
| 9 | B. N. Adarkar | 4 May 1970 | 15 June 1970 | 42 days | Interim governor; former economic advisor to the government. |
| 10 | Sarukkai Jagannathan | 16 June 1970 | 19 May 1975 | 4 years, 337 days | Former World Bank executive director; later represented India at the IMF. |
| 11 | N. C. Sen Gupta | 19 May 1975 | 19 August 1975 | 92 days | Interim governor; previously served in the Banking Department of the Ministry of Finance. |
| 12 | K. R. Puri | 20 August 1975 | 2 May 1977 | 1 year, 255 days | Oversaw the formation of regional rural banks; former chairman of LIC. |
| 13 | M. Narasimham | 3 May 1977 | 30 November 1977 | 211 days | Former RBI research officer; served in the Department of Economic Affairs. |
| 14 | I. G. Patel | 1 December 1977 | 15 September 1982 | 4 years, 288 days | Oversaw demonetisation of high-value currency notes. |
| 15 | Manmohan Singh | 16 September 1982 | 14 January 1985 | 2 years, 120 days | Introduced legal banking reforms; later became India's Prime Minister. |
| 16 | Amitav Ghosh | 15 January 1985 | 4 February 1985 | 20 days | Interim governor until R. N. Malhotra's appointment. |
| 17 | R. N. Malhotra | 4 February 1985 | 22 December 1990 | 5 years, 321 days | Inaugurated the Indira Gandhi Institute of Development Research. |
| 18 | S. Venkitaramanan | 22 December 1990 | 21 December 1992 | 1 year, 365 days | Managed India’s IMF stabilisation program during the economic crisis. |
| 19 | C. Rangarajan | 22 December 1992 | 21 November 1997 | 4 years, 334 days | Established unified exchange rate; former deputy governor of RBI. |
| 20 | Bimal Jalan | 22 November 1997 | 6 September 2003 | 5 years, 288 days | Maintained low inflation and interest rates. |
| 21 | Y. V. Reddy | 6 September 2003 | 5 September 2008 | 4 years, 365 days | Contributed to financial sector reforms; focused on external borrowings. |
| 22 | D. Subbarao | 5 September 2008 | 4 September 2013 | 4 years, 364 days | Authored works on decentralisation and public finance. |
| 23 | Raghuram Rajan | 4 September 2013 | 4 September 2016 | 3 years | Former Chief Economic Advisor; emphasised financial reforms. |
| 24 | Urjit Patel | 4 September 2016 | 10 December 2018 | 2 years, 98 days | Oversaw demonetisation of ₹500 and ₹1,000 notes; resigned citing personal reasons. |
| 25 | Shaktikanta Das | 12 December 2018 | 10 December 2024 | 6 years | Former Revenue Secretary; served in the 15th Finance Commission. |
| 26 | Sanjay Malhotra | 11 December 2024 | Present | Present | Former Revenue Secretary and Financial Services Secretary. |
Source: RBI
RBI Governors During Manmohan Singh's Tenure (2004-2014)
During Manmohan Singh's tenure as Prime Minister of India from 2004 to 2014, the Reserve Bank of India (RBI) was headed by the following governors:
- Y. V. Reddy: He served as the RBI Governor from September 6, 2003, to September 5, 2008. His tenure included significant contributions to financial sector reforms and managing monetary policy during the global financial crisis of 2007-2008.
- D. Subbarao: He took over from Y. V. Reddy and served from September 5, 2008, to September 4, 2013. Subbarao's governorship was marked by efforts to stabilise the economy during the aftermath of the global financial crisis, and he was involved in implementing various monetary policy measures.
- Raghuram Rajan: Appointed on September 4, 2013, Rajan served until September 4, 2016. His tenure is noted for his focus on inflation control and banking sector reforms, as well as his efforts to enhance the RBI's transparency and communication with the public.
#Delhi | PM #NarendraModi paid last respects to late former PM Dr #ManmohanSingh and offered condolences to his family today
— Hindustan Times (@htTweets) December 27, 2024
Track updates here: https://t.co/tLlYnxw7oV
(📹 ANI ) pic.twitter.com/T1S44gQbu4
Who is Sanjay Malhotra, the current RBI Governor of India?
Sanjay Malhotra has been appointed as the twenty-sixth governor of the Reserve Bank of India (RBI), effective December 11, 2024. This announcement was made by the Union government on December 9, 2024, as part of a cabinet committee decision. Malhotra, who is currently serving as the Secretary of Revenue in the Ministry of Finance, will succeed Shaktikanta Das, whose six-year tenure concludes on December 10, 2024.
Background and Qualifications
Sanjay Malhotra is a distinguished 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre. He holds a Bachelor's degree in Computer Science Engineering from the Indian Institute of Technology (IIT) Kanpur and a Master's in Public Policy from Princeton University.
Over his extensive career spanning more than three decades, Malhotra has gained experience in various sectors, including finance, taxation, power, information technology, and mining. His prior roles include serving as Secretary in the Department of Financial Services and as Chairman and Managing Director of the Rural Electrification Corporation (REC).
Responsibilities Ahead
As he steps into this pivotal role, Malhotra faces significant challenges. The Indian economy is currently experiencing a slowdown, with growth rates dropping to a seven-quarter low of 5.4% during the July-September period.
There is increasing pressure on the RBI to consider interest rate cuts to stimulate economic activity. Under his predecessor, Shaktikanta Das, the RBI maintained steady interest rates for nearly two years amid inflation concerns.
Malhotra's appointment reflects a broader trend within the Indian government favouring experienced bureaucrats for key economic positions. His first major task will be to chair the monetary policy committee's meeting in February 2025, where critical decisions regarding interest rates will be made.
For You| List of all Presidents of India from 1950-2024
Governors of RBI: Major Highlights
1- Sir Benegal Rama Rau is the longest-serving Governor of the Reserve Bank of India
2- Amitav Ghosh is the shortest-serving Governor of the Reserve Bank of India.
3- Y.V. Reddy was governor from 2003 to 2008. He is credited with helping to stabilise the Indian economy during the 2008 financial crisis.
4- C.D. Deshmukh was the first Indian Governor of the RBI.
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