He was on deputation from the IMF to the Reserve Bank during 1996-1997, and in that capacity, he provided advice on the development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market. His adroit management saw the country tide over the balance of payments crisis. GOVERNORS OF RBI TILL NOW (2018) C.D. Holding office for over seven years, Benegal Rama Rau is the longest-serving governor, while Amitav Ghosh 's 20-day term is the shortest. The slugfest between the RBI and the government has come to the fore now but it had been brewing, at least, since February. H V R Iyengar, a member of the Indian Civil Service, served for a brief while as the Chairman of State Bank of India, before being appointed as the Governor of the Reserve Bank. The RBI Governor was delivering the keynote address at the 4th Annual Day of Foreign Exchange Dealers' Association of India. Mumbai: Indian economy has exhibited stronger pick up in momentum of recovery than expected, said Reserve Bank of India Governor Shaktikanta Das Thursday. During his tenure, social controls over commercial banks were introduced as an experiment in 1968, as a part of which a National Credit Council was established. He had a short tenure of seven months. The Poverty Alleviation Schemes set by the Government is also managed by him. RBI Governor Shaktikanta Das PTI Photo Share on Facebook Share on Twitter Share on WhatsApp Share on Linkedin Mumbai: After the 23.9 per cent GDP contraction in the April-June quarter following the COVID-19 pandemic, economic recovery momentum has been stronger than expected, Reserve Bank of India (RBI) Governor Shaktikanta Das said Thursday. Sir James Braid Taylor was a member of the Indian Civil Service and had served for over a decade in the Currency Department of the Government of India, initially as a Deputy Controller, later as Controller of the Currency, and thereafter as additional secretary in the Finance Department. In the field of rural finance, the Service Area Approach was adopted as an approach catalyse the flow of credit through commercial banks. His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. As per the exam point of view, the RBI governor list is one of the important topics for all the competitive examinations. Since 1935, RBI has had 25 governors over the years. He resigned prior to the completion of his term of office of three and a half years. The Bank acquired powers in September 1960 to enforce amalgamations and de-licensing of banks. 2. Manages the interest rates on deposits and advances of the country. Born on February 3, 1963, Dr. Rajan is married to Radhika and has two children. From Osborn Smith to Shaktikanta Das, the position of the governor has been held by some of the most intellectual minds of the nation. Shri Shaktikant Das is the current RBI governor. …, Full Form of UPI – Unified Payments Interface Unified Payments Interface was developed by National Payments Corporation of India. Also manages the credit to rural, agricultural and small-scale industries’ sectors, also frame policies to support agriculture sector. During his tenure, Regional Rural Banks were set up; the Asian Clearing Union commenced operations; the twenty point economic programme was announced and operationalised and a new money supply series introduced. Dr. Manmohan Singh. Download PDF of RBI Governors List. Shaktikanta Das (RBI Governor) He is the present and 25th Governor of Reserve Bank of India. He also governs the Urban Co-operative banks. Governor of Reserve Bank of India is Shaktikanta Das, he is serving as 25th Governors of RBI India from 12 December 2018, appointed by President of India Ram Nath Govind, Shaktikanta Das has also worked previously as Revenue and Fretilezer Secretary. Get the List of Governors of Reserve Bank of India from 1935 to 2020. National Agriculture and Rural Development Bank (NABARD). He resigned in the middle of January 1957 before his second extended term of office expired due to differences with the Finance Minister. He later served as Executive Director for India at the World Bank and thereafter at the IMF after which he served in the Ministry of Finance as Secretary. New rules and regulations are continuously reviewed by him so that they could become more easy and helpful for the customers. According to reports, Acharya had put in his papers just a few weeks before the last meeting of RBI's monetary policy committee (MPC). Shaktikanta Das became the twenty-fifth governor of the Reserve Bank of India on 12 December 2018. Who appoints RBI Governor? On October 26, RBI deputy governor Viral Acharya virtually accused the government of interfering with the working of the central … L K Jha was appointed India’s Ambassador to the United States in May 1970 prior to the completion of his term as Governor. Dr. He became the governor of RBI in 2018 and is also the chairperson of the Monetary Policy Committee of the central bank. Dr. Reddy has made significant policy contributions in the areas of financial sector reforms; trade finance; monitoring of balance of payments and exchange rate; external commercial borrowings; centre-state financial relations; regional planning; and public enterprise reform and has been closely associated with institution building. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL). RLLR (REPO LINKED LENDING RATE is an external benchmark where RBI’s repo rate is used by commercial banks to calculate the retail loan interest rate. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; the Lead Bank Scheme was introduced to facilitate credit delivery and the setting up of the Agricultural Credit Board. The Present Governor of RBI is  Shaktikanta Das, he took charge on 12th December 2018 and acting till date. His tenure witnessed India’s shift to decimal coinage from the earlier system. The Discount and Finance House of India, the National Housing Bank were set up and the Indira Gandhi Institute of Development Research inaugurated. Make decisions to support national objectives. He was a Consultant to the Ministry of Finance (Department of Economic Affairs), Government of India, from 1998 to 2001. The government had faced criticism when non-economist Das was appointed as the RBI governor in December 2018 after the sudden resignation of economist Urjit Patel, his predecessor. The period has been characterised by the strengthening of the balance of payments and forex position, low inflation, and soft interest rates. Prior to this, he was the Chief Economic Advisor, Ministry of Finance, Government of India and the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School. In the field of monetary policy, his tenure saw the historic memorandum signed between the Bank and the Government whereby a cap was put on the automatic finance by the Bank to the Government in the form of ad hoc treasury bills. RBI Governor Shaktikanta Das (Express photo by Tashi Tobgyal) Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that the Indian economy has exhibited a stronger-than-expected rebound over the past few months but added that institutions need to be watchful of demand sustainability after the festive season. He served as Secretary (Banking) in Ministry of Finance, Additional Secretary, Ministry of Commerce, Joint Secretary in Ministry of Finance in Government of India, Principal Secretary, Government of Andhra Pradesh and had a six-year tenure as Deputy Governor of the Reserve Bank of India. Made with by IBPSGuide, Click here for Banking Awareness Materials, “20-20” Quantitative Aptitude | Crack SBI Clerk 2018 Day-22, Expected Static GK Questions for Upcoming Exams 2018 (Day-9). His tenure saw the establishment of the Industrial Development Bank of India (1964), and the establishment of the Agricultural Refinance Corporation (1963) and the Unit Trust of India (1964). Immediately prior to his current assignment, he was acting as Member, 15th Finance Commission and G20 Sherpa of India. He was also a Director of the Industrial Development Bank of India and the governing body of the National Institute of Bank Management. His term also saw India adopt the IMF’s stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms. Das assumed charge as RBI governor on 12 December 2018. Prime Minister Office appoints RBI Governor of India for a period of three years on the recommendation of the Finance Minister. Watch Queue Queue This story is from December 11, 2018. Prior to his appointment as the Governor, Dr. Reddy was India’s Executive Director on the Board of the International Monetary Fund. Deshmukh was the first Governor of RBI (Reserve Bank of India), who took charge on 11th August 1943. He was the chairperson of the Committee on the Financial System, 1991 and the Committee of Banking Sector Reforms, 1998. The formulation of economic policies cannot be made without his involvement. His association with the Bank commenced in 1939 when he was appointed Government’s liason officer. Urjit R. Patel (Sep 05, 2016 to Dec 10, 2018) Urjit R. Patel (born 28 October 1963) is an Indian economist, consultant and banker, currently serving as Governor of the Reserve Bank of India (RBI). prior to his appointment as Governor. Addressing the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI), he cited that a multi-speed normalisation of activity in Q2FY21, after the country witnessed a sharp contraction in GDP […] He was earlier a member of the Fifteenth Finance Commission of India and India's Sherpa to the G20. The proportional reserve system of note issue was replaced by a minimum reserve system to give the Bank greater flexibility. Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. Dr. C Rangarajan was a professional economist. The RBI’s fifteenth governor, Manmohan Singh, became India’s thirteenth Prime Minister. K. G. Ambegaokar, a member of the Indian Civil Service, served as Finance Secretary prior to his appointment as Deputy Governor. Deposit Insurance and Credit Guarantee Corporation (DICGC). We can understand them with the help of the following points: The RBI Governor list is made from the initial stage of RBI which was initiated before the independence of India up to still now. RBI Governors Questions ask any type of general awareness main exam. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Section 8(1) (a) of the Reserve Bank of India Act 1934 has clarified the appointment of the RBI governor. Tenure: 1982-1985. Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries. His stewardship of the Imperial Bank won him recognition in banking circles in India. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. So far 24 people have worked as RBI Governor of India. C. D. Deshmukh was the first Indian RBI governor. January 15, 1985, to … He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. Reactions of the markets to Das' appointment was positive, with BSE SENSEX gaining 629 points and NIFTY 50 increasing by 188 points. The rift centered around a February 2018 circular issued by the RBI, which forced banks to immediately classify borrowers as defaulters when they delayed repayments, barred … P C Bhattacharya, a member of the Indian Audit and Account Service, served as Secretary in the Finance Ministry and later as Chairman of the State Bank of India prior to his appointment as Governor. Dr. Yaga Venugopal Reddy the twenty-first Governor, is a member of the Indian Administrative Service. He was one of the first IITians to join the civil service. 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