Every day we use currency notes. we exchange currency notes daily. ever noticed a signature in the currency note?. it is the signature of the RBI Governor. whos is RBI Governor? what are his duties and responsibilities? in this post, we will discuss the RBI governors and the responsibilities of the governor. also a complete list of the RBI Governors from its Inception.
Also read: The Reserve Bank of India
The RBI Governor is the CEO of the Indian Central Bank and He is the Chairman of the Central Board of Directors. The RBI Governors are appointing by the government of India for a fixed time period. The Indian currency notes issuing by the Reserve Bank of India is signed by the Governor of the RBI. The following are a few key points about the RBI we must know.
- Dr. Manmohan Singh is the only RBI Governor, who also became the Indian Prime Minister of India.
- The first Indian Governor of The RBI was Mr C.D. Deshmukh
- Ms KJ Udeshi was the first woman Deputy Governor of the RBI. During 10 June 2003 – 12 October 2005
- RBI Governors is appointed by the PMO-Prime Minster’s Office. The recommendation of Union Finance Minister also considered while appointing the RBI Governors
- The RBI Governors and Deputy Governors, are appointed as per the Section 8 of Reserve Bank of India Act 1934
Duties & Responsibilities of RBI Governor
- The RBI governor is responsible for maintaining the monetary stability in the economy.
- Playing an important role in formulating the policies of The RBI.
- Facilitating and monitoring the flow of credit to small scale industries, rural, and agricultural sectors.
- The responsibility for regulating state co.operative banks and regional rural banks, and other local area banks.
- The Governor of RBI will manage external trade and payments. also, he will have to promote orderly development and maintenance of the foreign exchange market in India which is coming under the foreign exchange management act, 1999.
- The governor of RBI has the responsibility of issuing licenses to open new foreign and private banks.
- RBI governor leads and supervises primary co-operative banks through Urban Bank Departments.
- The Governor is having the power to control the interest rates on advances and deposits of the country.
- RBI Governor has to check on rules and regulations continuously, in order to make them more customer-friendly.
- The Governor is regulating and administrating the financial system of the entire nation, the governor has to set the parameters within which the entire financial system of the country functions.
- The governor will Monitor the number of currency notes and coins that are circulating in the country and he is responsible for the issuance and destruction of currencies ( currencies are distructed when it is not fit for circulating)
List of Governors Of Reserve Bank of India
|RBI Governors||Time period- from||To|
|Sir O.Smith||01 April 1935||30 June 1937|
|Sir Jb.Taylor||01 July 1937||17 February 1943|
|Sir C.D. Deshmukh||11 August 1943||30 June 1949|
|Sir Bengal Rama Rau||01 July 1949||14 January 1957|
|K.G. Ambegaonkar||14 January 1957||28 February 1957|
|H.V.R Lyengar||01 March 1957||28 February 1962|
|P.C Bhattacharya||01 March 1962||30 June 1967|
|L.K. Jha||01 July 1967||03 May 1970|
|B.N. Adarkar||04 May 1970||15 June 1970|
|S. Jagannathan||16 June 1970||19 May 1975|
|NC Sen Gupta||19 May 1975||19 August 1975|
|K.R. Puri||20 August 1975||02 May 1977|
|M. Narasimham||03 May 1977||30 November 1977|
|I.G. Patel||01 December 1977||15 September 1982|
|Manmohan Singh||16 September 1982||14 January 1985|
|Amitav Gosh||15 January 1985||04 February 1985|
|R.N. Malhotra||04 February 1985||22 December 1990|
|S. Venkitaramanan||22 December 1990||21 December 1992|
|C. Rangarajan||22 December 1992||21 November 1997|
|Bimal Jalan||22 November 1997||06 September 2003|
|Y.V. Reddy||06 September 2003||05 September 2008|
|D. Subbarao||05 September 2008||04 September 2013|
|Raghuram G. Raj an||04 September 2013||04 September 2016|
|Urjit Ravindra Patel||04 September 2016||10 December 2018|
|Shaktikanta Das||12 December 2018||to date|
The RBI Governor is playing a key role in the entire functionality of the reserve bank. In this post we discussed the duties and responsibilities of the RBI Governors. also a complete list of the RBI Governors. i hope this post will help you to understand the RBI Governor.