Mumbai: From Sir Chintaman Dwarkanath Deshmukh, popularly known as Sir CD Deshmukh to Shaktikanta Das, the Reserve Bank of India (RBI) owes a lot to illustrious Civil Servants who have helmed the country’s central bank for several years, adding value, verve and resilience in its functioning and growth!
Das, a retired Indian Administrative Service (IAS) officer of 1988 batch, Tamil Nadu cadre, who has just been reappointed RBI Governor, was first appointed to the coveted post on December 12, 2018. Immediately prior to his current assignment, he was acting as a Member, 15th Finance Commission and G-20 Sherpa of India. Das has vast experience in various areas of governance and has held important positions in the areas of finance, taxation, industries, infrastructure, etc.
Sir Chintaman Dwarkanath Deshmukh, a member of the Indian Civil Service, was the first Indian Governor of the RBI. On the demise of James Taylor, he took over stewardship of the Bank and was appointed Governor in August, 1943. He helped the smooth transition of the Bank from a shareholder's institution to a State owned organisation, when the Bank was nationalised on 1st January 1949. He later held the office of Union Finance Minister between 1950 and 56.
Sir Benegal Rama Rau was RBI Governor from 01-07-1949 to 14-01-1957. A member of the Indian Civil Service, Sir Rau was the longest serving Governor of the Bank. Prior to joining the Bank he served as the Indian Ambassador to the United States. K G Ambegaokar, a member of the Indian Civil Service, served as Finance Secretary prior to his appointment as Deputy Governor. K G Ambegaonkar did not sign any bank notes. He was RBI Governor from 14-01-1957 to 28-02-1957.
HVR Iengar, 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, where he worked from 01-03-1957 to 28-02-1962. PC 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, the post which he held from 01-03-1962 to 30-06-1967.
LK Jha, a member of the Indian Civil Service, served as Secretary to the Prime Minister, prior to his appointment as Governor, the post he held from 01-07-1967 to 03-05-1970. S Jagannathan was a member of the Indian Civil Service. He had served with the Central Government and thereafter as India's Executive Director at the World Bank, prior to being appointed as the Governor on 16-06-1970. He held the post till 19-05-1975. RN Malhotra, a member of the Indian Administrative Service, served as Secretary, Finance and Executive Director of the IMF, prior to his appointment as Governor, RBI. He held the post from 4-2-1985 to 22-12-1990.
During his tenure efforts were made to develop the money markets and new instruments were introduced. S Venkitaramanan, a member of the Indian Administrative Service, had served as Finance Secretary and adviser to the Government of Karnataka prior to his appointment as the RBI Governor on 22-12-1990. He held the post till 21-12-1992. The country faced difficulties related to the external sector during his tenure. His adroit management saw the country tide over the balance of payments crisis. His term also saw India adopt the IMF’s stabilisation programme where the rupee underwent devaluation.
Dr Yaga Venugopal Reddy – the twenty-first RBI Governor -- was a member of the Indian Administrative Service. He was appointed on 06-9-2003 and served the bank till 5-9-2008. He has spent most of his career in the areas of finance and planning. He served as Secretary, Banking, in the 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 a six year tenure as Deputy Governor of the Reserve Bank of India. Prior to his appointment as the Governor, Dr Reddy was India's Executive Director on the Board of the International Monetary Fund.
Sir Osborne Smith was the first Governor of the RBI (01-04-1935 to 30-06-1937). A professional banker, he served for over 20 years with the Bank of New South Wales and 10 years with the Commonwealth Bank of Australia before coming to India in 1926 as a Managing Governor of the Imperial Bank of India. Sir James 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. He was the RBI Governor from 1-7-1937 to 17-02-1943. /BI/
