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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 IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India,a Development Finance Institution,which provided financial services to industrial sector. In 2005,the institution was merged with its subsidiary commercial division,IDBI Bank,and was categorised as "Other Development Finance Institution" category. Later in March 2019,Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital,the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%,which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019,has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI,EXIM,National Stock Exchange of India,SEBI,National Securities Depository Limited. Presently,IDBI Bank is one of the largest Commercial Banks in India.
Bhaskar Namdeo Adarkar was the ninth Governor of the Reserve Bank of India from 4 May 1970 to 15 June 1970. His term was the second-shortest after Amitav Ghosh who had served for only 20 days. His term was short since he was filling in as interim before S. Jaganathan took over.
Sarukkai Jagannathan was the tenth Governor of the Reserve Bank of India from 16 June 1970 to 19 May 1975.
Ram Narain Malhotra popularly known as R. N. Malhotra was the seventeenth governor of the Reserve Bank of India (RBI),serving from 4 February 1985 to 22 December 1990.
Amitav Ghosh was an Indian banker. He served for 20 days from 15 January to 4 February 1985,as the 16th governor of the Reserve Bank of India. His term was the shortest ever served by any Reserve Bank of India governor. He died at age 90.
Krishnanath Ganesh Ambegaonkar,known as K. G. Ambegaokar was the fifth Governor of the Reserve Bank of India from 14 January 1957 to 28 February 1957.
Lakshmi Kant Jha,MBE,born in Darbhanga district,Bihar was the eighth Governor of the Reserve Bank of India from 1 July 1967 to 3 May 1970.
The Indian Banks' Association (IBA),formed on,is an unregistered,voluntary association of like-minded banks and individuals in India—a representative body of Indian banks and financial institutions based in Mumbai. With an initial membership of 22 banks in India in 1946,IBA currently represents 247 banking companies operating in India. IBA was formed for the development,coordination,and strengthening of Indian banking and to assist the member banks in various ways,including the implementation of new systems and the adoption of standards among the members.
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.
Pradeep Kumar Sinha is a 1977 batch Indian Administrative Service (IAS) officer of the Uttar Pradesh cadre,who was the 31st Cabinet Secretary of India. Prior to this appointment he served as the Power Secretary of India,and was the Shipping Secretary of India before that.
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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.
Shaktikanta Das is serving as the current &25th governor of the Reserve Bank of India (RBI). He was earlier a member of the Fifteenth Finance Commission and India's Sherpa to the G20. Das is a retired 1980 batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre.
Ashok Kumar Sarangi is a 1987 Batch Grade-A Officer of Reserve Bank of India. He was a Chief General Manager in RBI. He was also the Chief Vigilance Officer (CVO) and Transparency Officer. He is the only public sector executive to simultaneously hold these three positions. He was also editor of the journal Without Reserve. He has the unique distinction of being the longest serving in-charge of Human Resources Department of RBI. He is also a member of the Education Committee of Indian Institute of Banking and Finance.
Michael Debabrata Patra is an Indian economist and central banker. A career Reserve Bank of India officer,he is currently serving as one its four deputy governors.
Burra Venkatappaiah was an Indian banker and was the Chairman of State Bank of India from March 1962 until February 1965.
Swaminathan Janakiraman is an Indian career banker who served as the Managing Director State Bank of India from January 2021 until June 2023.
References
- ↑ "Who is M K Jain? Know all about RBI Governor Urjit Patel's newest deputy". 4 June 2018.
- 1 2 "Reserve Bank of India - Press Releases".
- ↑ Mehta, Sangita (27 June 2018). "RBI Dy Governor Mahesh Kumar Jain: A turnaround banker at mint street". The Economic Times.
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