Deputy Governor of the Reserve Bank of India | |
---|---|
Appointer | Government of India |
Term length | Three years |
Constituting instrument | Reserve Bank of India Act, 1934 |
Inaugural holder | James Braid Taylor and Sikandar Hayat Khan |
Deputy | Executive Director |
Salary | ₹ 2,25,000/- |
Website | www |
The deputy governor of the Reserve Bank of India is the second most senior executive of the Reserve Bank of India after its governor. Since its establishment in 1934 by the government of India, the RBI has had 63 deputy governors. Currently the rank of deputy governor is equivalent to the rank of secretary to the govt. of India.
The term of office typically runs for three years and can, in some cases, be extended for another two years.
The inaugural officeholder was James Braid Taylor, while K J Udeshi holds the unique distinction of becoming the first female deputy governor of the Reserve Bank of India.
Currently there are four incumbent deputy governors of the Reserve Bank of India
No. | Officeholder | Portrait | Term start | Term end | Term in office | Background | Other offices held | References |
---|---|---|---|---|---|---|---|---|
1 | James Braid Taylor | 1 April 1935 | 30 June 1937 | 2 years, 90 days | Civil servant | Indian Civil Service officer | [1] [2] [3] | |
2 | Sikandar Hayat Khan | 1 April 1935 | 20 October 1935 | 202 days | Politician | Prime Minister of Punjab | [1] [2] [3] | |
3 | Manilal Balabhai Nanavati | 21 December 1936 | 21 December 1941 | 5 years, 0 days | Freedom fighter | [1] [2] [3] | ||
4 | C. D. Deshmukh | 22 December 1941 | 10 October 1943 | 1 year, 292 days | Indian Civil Service officer | Minister of Finance | [1] [2] [3] | |
5 | Wajahat Hussain | 16 August 1943 | 4 December 1945 | 2 years, 49 days | [1] [2] [3] | |||
6 | C.R. Trevor | 16 August 1943 | 31 December 1949 | 6 years, 137 days | [1] [2] [3] | |||
7 | M.G. Mekhri | 8 July 1946 | 7 July 1951 | 4 years, 364 days | [1] [2] [3] | |||
8 | W.T. McCallum | 15 April 1946 | 14 July 1948 | 2 years, 90 days | [1] [2] [3] | |||
9 | N. Sundaresan | 1 January 1950 | 31 December 1954 | 4 years, 364 days | [1] [2] [3] | |||
10 | Ram Nath | 8 June 1951 | 8 July 1959 | 8 years, 30 days | [1] [2] [3] | |||
11 | K. G. Ambegaonkar | 1 March 1955 | 29 February 1960 | 4 years, 365 days | Indian Civil Service officer | Governor of the Reserve Bank of India | [1] [2] [3] | |
12 | Borra Venkatappaiah | 1 July 1955 | 28 February 1962 | 6 years, 242 days | Career banker | Chairman of the State Bank of India | [1] [2] [3] | |
13 | M.V. Rangachari | 1 March 1960 | 28 February 1965 | 4 years, 364 days | [1] [2] [3] | |||
14 | Dattatreya Gopal Karve | 1 March 1962 | 29 February 1964 | 1 year, 365 days | Economist | Professor at Fergusson University | [1] [2] [3] | |
15 | C.S. Divekar | 12 November 1962 | 11 November 1965 | 2 years, 364 days | [1] [2] [3] | |||
16 | M.R. Bhide | 29 February 1964 | 25 January 1967 | 2 years, 331 days | [1] [2] [3] | |||
17 | B.K. Madan | 1 July 1964 | 31 January 1967 | 2 years, 214 days | Economist | Chairman of IDBI Bank | [1] [2] [3] | |
18 | B. N. Adarkar | 16 June 1965 | 3 May 1970 | 4 years, 321 days | Economist | Governor of the Reserve Bank of India | [1] [2] [3] | |
19 | A. Bakshi | 24 January 1967 | 8 September 1969 | 2 years, 227 days | [1] [2] [3] | |||
20 | J.J. Anjaria | 1 February 1967 | 28 February 1970 | 3 years, 27 days | [1] [2] [3] | |||
21 | P.N. Damry | 13 February 1967 | 15 March 1972 | 5 years, 31 days | Economist | [1] [2] [3] | ||
22 | Rabindra Kishen Hazari | 27 November 1969 | 26 November 1977 | 7 years, 364 days | [1] [2] [3] | |||
23 | V. V. Chari | 17 November 1970 | 30 November 1975 | 5 years, 13 days | [1] [2] [3] | |||
24 | S.S. Shiralkar | 18 December 1970 | 25 July 1976 | 5 years, 220 days | [1] [2] [3] | |||
25 | R.K. Sheshadri | 26 July 1973 | 25 July 1976 | 2 years, 365 days | [1] [2] [3] | |||
26 | K.S. Krishnaswamy | 29 December 1975 | 31 March 1981 | 5 years, 92 days | Economist | [1] [2] [3] | ||
27 | P.R. Nangia | 29 December 1975 | 15 February 1982 | 6 years, 48 days | [1] [2] [3] | |||
28 | J.C. Luther | 4 January 1977 | 1 June 1977 | 148 days | [1] [2] [3] | |||
29 | M. Ramakrishnayya | 4 January 1977 | 1 June 1977 | 148 days | Indian Administrative Service officer | Chairman of the National Bank for Agriculture and Rural Development | [1] [2] [3] | |
30 | Amitav Ghosh | 21 January 1982 | 20 January 1992 | 9 years, 364 days | Career banker | Governor of the Reserve Bank of India | [1] [2] [3] | |
31 | C. Rangarajan | 12 February 1982 | 20 August 1991 | 9 years, 189 days | Career banker | Governor of the Reserve Bank of India | [1] [2] [3] | |
32 | M.V. Hate | 12 March 1982 | 11 March 1985 | 2 years, 364 days | [1] [2] [3] | |||
33 | R.K. Kaul | 1 October 1983 | 30 September 1986 | 2 years, 364 days | [1] [2] [3] | |||
34 | P.D. Ojha | 29 April 1985 | 28 April 1990 | 4 years, 364 days | [1] [2] [3] | |||
35 | P.R. Nayak | 1 April 1987 | 31 March 1992 | 4 years, 365 days | [1] [2] [3] | |||
36 | R. Janakiraman | 1 April 1987 | 31 March 1992 | 4 years, 365 days | Managing director of the State Bank of India | [1] [2] [3] | ||
37 | S.S. Tarapore | 30 January 1992 | 30 September 1996 | 4 years, 244 days | [1] [2] [3] | |||
38 | D. R. Mehta | 11 November 1992 | 21 February 1995 | 3 years, 102 days | Economist | Chairman of the Securities and Exchange Board of India | [1] [2] [3] | |
39 | S.P. Talwar | 7 November 1994 | 30 June 2001 | 6 years, 235 days | [1] [2] [3] | |||
40 | R.V. Gupta | 2 May 1995 | 30 November 1997 | 2 years, 212 days | [1] [2] [3] | |||
41 | Y. V. Reddy | 14 September 1996 | 31 July 2002 | 5 years, 320 days | Career banker | Governor of the Reserve Bank of India | [1] [2] [3] | |
42 | Jagdish Capoor | 1 January 1997 | 30 June 2001 | 4 years, 180 days | Career banker | Chairman of HDFC Bank | [1] [2] [3] | |
43 | Vepa Kamesam | 1 July 2001 | 23 December 2003 | 2 years, 175 days | Career banker | Managing director of the State Bank of India | [1] [2] [3] | |
44 | G P Muniappan | 1 July 2001 | 31 May 2003 | 1 year, 334 days | Career banker | Chairman of the Deposit Insurance and Credit Guarantee Corporation | [1] [2] [3] | |
45 | Rakesh Mohan | 9 September 2002 | 10 June 2009 | 6 years, 274 days | Economist | Consultant at the Planning Commission | [1] [2] [3] | |
46 | K J Udeshi | 10 June 2003 | 12 December 2005 | 2 years, 185 days | Career banker | Chairman of Bharatiya Reserve Bank Note Mudran | [1] [2] [3] | |
47 | V Leeladhar | 21 September 2004 | 8 December 2008 | 4 years, 78 days | Career banker | Chairman of Union Bank of India | [1] [2] [3] | |
48 | Shyamala Gopinath | 21 September 2004 | 8 December 2008 | 4 years, 78 days | Career banker | Chairman of HDFC Bank | [1] [2] [3] | |
49 | Usha Thorat | 10 November 2005 | 9 November 2010 | 4 years, 364 days | Career banker | [1] [2] [3] | ||
50 | Kamalesh Chandra Chakrabarty | 15 June 2009 | 25 April 2014 | 4 years, 314 days | Career banker | Chairman of Bank of Baroda | [1] [2] [3] | |
51 | Subir Gokarn | 24 November 2009 | 31 December 2012 | 3 years, 37 days | Economist | Professor at Stanford University | [1] [2] [3] | |
52 | Anand Sinha | 19 January 2011 | 18 January 2014 | 2 years, 364 days | Career banker | Chairman of the Export Credit Guarantee Corporation of India | [1] [2] [3] | |
53 | Harun Rashid Khan | 4 July 2011 | 4 July 2016 | 5 years, 0 days | Career banker | Chairman of the National Bank for Agriculture and Rural Development | [1] [2] [3] | |
54 | Urjit Patel | 11 January 2013 | 4 September 2016 | 3 years, 237 days | Career banker | Governor of the Reserve Bank of India | [1] [2] [3] | |
55 | R Gandhi | 3 April 2014 | 2 April 2017 | 3 years, 237 days | Career banker | [1] [2] [3] | ||
56 | Subhash Sheoratan Mundra | 31 July 2014 | 30 July 2017 | 2 years, 364 days | Career banker | [1] [2] [3] | ||
57 | Viral Acharya | 23 January 2017 | 23 January 2019 | 2 years, 0 days | Career banker | [1] [2] [3] | ||
58 | N. S. Vishwanathan | 4 July 2016 | 31 March 2020 | 3 years, 271 days | Career banker | [1] [2] [3] | ||
59 | B.P. Kanungo | 3 April 2017 | 2 April 2021 | 3 years, 364 days | Career banker | [1] [2] [3] | ||
60 | Mahesh Kumar Jain | 22 June 2018 | 26 June 2023 | 6 years, 97 days | Career banker | [1] [2] [3] | ||
61 | Michael Patra | 15 January 2020 | Incumbent | 4 years, 256 days | Career banker | [1] [2] [3] | ||
62 | M. Rajeshwar Rao | 9 October 2020 | Incumbent | 3 years, 354 days | Career banker | [1] [2] [3] | ||
63 | T. Rabi Sankar | 3 May 2021 | Incumbent | 3 years, 147 days | Career banker | [1] [2] [3] | ||
64 | Swaminathan Janakiraman | 26 June 2023 | Incumbent | 1 year, 93 days | Career banker | Managing Director of the State Bank of India | [1] [2] [3] |
The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.
The Bank of Spain is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998, issuing the Spanish peseta. Since 2014, it has also been Spain's national competent authority within European Banking Supervision. It was originally established by Charles III in Madrid in 1782, as the Banco Nacional de San Carlos, and took its current name in 1856. Its activity is regulated by the Bank of Spain Autonomy Act. The bank doesn't translate its name to English but uses its Spanish name in all English communications.
The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on 12 June 1950 in Seoul, South Korea.
The Saudi Central Bank, previously known as the Saudi Arabian Monetary Authority, established in 1952, is the central bank of the Kingdom of Saudi Arabia. Despite the name change in 2020, the Saudi Central Bank has continued to use the same acronym (SAMA).
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in Harare.
The National Security Advisor is the senior official on the National Security Council of India, and the chief advisor to the Prime Minister of India on national security policy and international affairs. In 2019, the term of Ajit Doval the current NSA was extended for another 5-year term, and has been assigned the rank of a Union Cabinet Minister and ranks at the seventh position in the Indian Order of Precedence.
The Central Bank of Myanmar (Burmese: မြန်မာနိုင်ငံတော်ဗဟိုဘဏ်; MLCTS: mranma nuingngamtau bahuibhan; IPA:[mjəmànàinŋàndɔ̀bəhòʊbàn]; abbreviated CBM) is the central bank of Myanmar.
Sir James Braid Taylor, KCIE was the second Governor of the Reserve Bank of India, holding office from 1 July 1937 until his death on 17 February 1943. He succeeded Sir Osborne Smith who was the Governor from 1 April 1935 to 30 June 1937. He was appointed a CIE in the 1933 New Year Honours List, knighted in the 1935 Silver Jubilee and Birthday Honours List and further appointed a KCIE in the 1939 Birthday Honours List.
The Central Bank of Kenya (CBK) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor and Dr. Susan Koech is the Deputy Governor.
Indraprasad Gordhanbhai Patel, popularly known as I. G. Patel, was an Indian economist and a civil servant who served as the fourteenth Governor of the Reserve Bank of India from 1 December 1977 to 15 September 1982.
The Nepal Rastra Bank was established on April 26, 1956 A.D. under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. The NRB is functioning under the new Nepal Rastra Bank Act, 2002. The functions of NRB are to formulate required monetary and foreign exchange policies so as to maintain the stability in market prices, to issue currency notes, to regulate and supervise the banking and financial sector, to develop efficient payment and banking systems among others. The NRB is also the economic advisor to the government of Nepal. As the central bank of Nepal, it is the monetary, supervisory and regulatory body of all the commercial banks. development banks, finance companies and micro-finances institutions.
Sardar Vallabhbhai Patel National Police Academy (SVPNPA) is the civil service training institution in India. The institute trains Indian Police Service (IPS) officers before they are sent to their respective state cadres to carry out their duties. The academy is in Shivrampalli, Hyderabad, Telangana, India.
Kamalesh Chandra Chakrabarty or K. C. Chakrabarty, was an Indian banker who served as one of the four Deputy Governors of the Reserve Bank of India (RBI) from 15 June 2009 to 25 April 2014, resigning three months ahead of the completion of his term. He was noted for his contributions to advancing financial inclusion and financial literacy during his time at the central bank.
Urjit Patel is a Kenyan-born Indian economist, who formerly served as the 24th Governor of the Reserve Bank of India and also Deputy Governor of Reserve Bank of India, looking after monetary policy, economic research, financial markets, statistics and information management. He resigned from his post on 10 December 2018, being the first RBI governor to state personal reasons as a driving factor for resigning.
Rama Subramaniam Gandhi was Deputy Governor of Reserve Bank of India from 2014 to 2017. Currently he is a freelance adviser and consultant in financial sector policy and regulation, payment systems, FinTech & currency management.
Viral V. Acharya is an Indian economist who was appointed as Deputy Governor of Reserve Bank of India (RBI). He also served as a member of the advisory council of the RBI Academy and was a member of the Academic Council of the National Institute of Securities Markets (NISM), Securities and Exchange Board of India (SEBI) since 2014. As of 23 January 2017, he was appointed to serve a three-year term as a Deputy Governor of the Reserve Bank of India. He resigned from the post in July 2019 with 6 months left for his completion of term.
The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least four times a year and it publishes its decisions after each such meeting.