Governors - Notes on Reserve Bank of India

## Reserve Bank Governors, Prime Ministers and Finance Ministers 1. Here is the list of from 1985 to present: | RBI Governor | From | Party/Alliance | Prime Minister | Finance Minister | Notes | | ------------------------------------------------ | ---------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | | R. N. Malhotra | 04-Feb-1985 to 22-Dec-1990 | 4 February 1985 – 2 December 1989: INC 2 December 1989 – 10 November 1990: National Front (Janata Dal) | V. P. Singh: 2-Dec-1989 to 10-Nov-1990 Chandra Shekhar: 10-Nov-1990 to 21-Jun-1991 | Madhu Dandavate: 2 Dec 1989 to 10 Nov 1990 Yashwant Sinha: 10 Nov 1990 to 21 Jun 1991 | | | S. Venkitaramanan | 22-Dec-1990 to 21-Dec-1992 | 10 November 1990 – 21 June 1991: Janata Dal (Socialist)/Samajwadi Janata Party | Chandra Shekhar: 10-Nov-1990 to 21-Jun-1991 P. V. Narasimha Rao: 21-Jun-1991 to 16-May-1996 | Yashwant Sinha: 10 Nov 1990 to 21 Jun 1991 Manmohan Singh: 24 Jun 1991 to 16 May 1996 | | | C. Rangarajan (single continuous five-year term) | 22-Dec-1992 to 22-Nov-1997 | 21-June-1991 to 16-May-1996: Indian National Congress(I)/alliance 16-May-1996 to 1-June-1996: Bharatiya Janata Party (BJP) 1-June-1996 to 21-April-1997: The United Front (Coalition)-I | P. V. Narasimha Rao: 21-Jun-1991 to 16-May-1996 Atal Bihari Vajpayee (1st Term): 16-May-1996 to 1-June-1996 H. D. Deve Gowda: 1-Jun-1996 to 21-Apr-1997 I. K. Gujral: 21-Apr-1997 to 19-Mar-1998 | Manmohan Singh: 24 Jun 1991 to 16 May 1996 P. Chidambaram: 1 Jun 1996 to 21 Apr 1997 I. K. Gujral: 21 Apr 1997 to 1 May 1997 P. Chidambaram: 1 May 1997 to 19 Mar 1998 | | | Bimal Jalan | 22-Nov-1997 to 21-Nov-2002 22-Nov-2002 to 06-Sep2003 | 1-June-1996 to 21-April-1997: United Front (Coalition)-I 21-Apr-1997 to 19-Mar-1998: United Front (Janata Dal)-II 19-Mar-1998 to 12-Oct-1999: National Democratic Alliance (NDA)-I 3-Oct-1999 to 22-May-2004: NDA-II | I. K. Gujral: 21-Apr-1997 to 19-Mar-1998 Atal Bihari Vajpayee: 19-Mar-1998 to 12-Oct-1999 Atal Bihari Vajpayee: 3-Oct-1999 to 22-May-2004 | P. Chidambaram: 1 May 1997 to 19 Mar 1998 Yashwant Sinha: 19 Mar 1998 to 1 Jul 2002 Jaswant Singh: 1 Jul 2002 to 22 May 2004 | | | Y. V. Reddy (single continuous five-year term) | 6-Sep-2003 to 05-Sep-2008 | 3-Oct-1999 to 22-May-2004: NDA-II 22-May-2004 to 22 May 2009: United Progressive Alliance(UPA-I) | Atal Bihari Vajpayee: 3-Oct-1999 to 22-May-2004 Manmohan Singh: 22-May-2004 to 26-May-2014 | Jaswant Singh: 1 Jul 2002 to 22 May 2004 P. Chidambaram: 22 May 2004 to 30 Nov 2008 | | | Duvvuri Subbarao | 05-Sep-2008 to 04-Sep-2011 05-Sep-2011 to 04-Sep-2013 | 22-May-2004 to 22 May 2009: United Progressive Alliance(UPA-I) 22-May-2009 to 26-May-2014: UPA-II | Manmohan Singh: 22 May 2004 to 26 May 2014 | P. Chidambaram: 22 May 2004 to 30 Nov 2008 Pranab Mukherjee: 24 Jan 2009 to 26 Jun 2012 P. Chidambaram: 31 Jul 2012 to 26 May 2014 | | | Raghuram Rajan | 04-Sep-2013 to 04-Sep-2016 | 22-May-2009 to 26-May-2014: UPA-II 26-May-2014 – 30-May-2019: BJP (absolute majority), govt-National Democratic Alliance | Manmohan Singh: 22 May 2004 to 26 May 2014 Narendra Modi (1.0): 26 May 2014 to 30-May-2019 | P. Chidambaram: 31 Jul 2012 to 26 May 2014 Arun Jaitley: 26 May 2014 to 30 May 2019 | | | Urjit Patel (Resigned) | 04-Sep-2016 to 10-Dec-2018 | 26 May 2014 – 30 May 2019: BJP (absolute majority), govt-National Democratic Alliance | Narendra Modi (1.0): 26 May 2014 to 30-May-2019 | Arun Jaitley: 26 May 2014 to 30 May 2019 \| Piyush Goyal - Interim (for those specific brief periods) | | | Shaktikanta Das | 12-Dec-2018 to 10-Dec-2021 11-Dec-2021 to 10-Dec-2024 | 30 May 2019 – 9 June 2024: (absolute majority), govt-National Democratic Alliance 9 June 2024 – Present: NDA Coalition | Narendra Modi (1.0): 26 May 2014 to 30-May-2019 Narendra Modi (2.0): 30 May 2019 – 9 June 2024 | Arun Jaitley: 26 May 2014 to 30 May 2019 \| \| Piyush Goyal - Interim (for those specific brief periods) Nirmala Sitharaman: 31 May 2019 to Present | | | Sanjay Malhotra | 11-Dec-2024 to 10-Dec-2027 | 9 June 2024 – Present: NDA Coalition | Narendra Modi (2.0): 30 May 2019 – 9 June 2024 Narendra Modi (3.0): 9 June 2024 – Present | Nirmala Sitharaman: 31 May 2019 to Present | | ==Link to the Google Sheets [file](https://docs.google.com/spreadsheets/d/1C8E60jjeK2CSbWZwpDjrgyAZzDDR-oSBh5G9S5irxhY/edit?usp=sharing)== ### Governors and Key Achievements 1. Following is the ==excerpt of the edited transcript of [comments](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=650) made by **Dr. Duvvuri Subbarao**==, Governor, Reserve Bank of India, at the National Convention on Leadership at CII-Suresh Neotia Centre of Excellence for Leadership in Kolkata on December 9, 2011. RBI acknowledges the intellectual support of Alpana Killawala and Suddhasattwa Ghosh in conceptualizing these random reflections is gratefully acknowledged and deeply appreciated I would like in this context to recall the leadership role played by my distinguished predecessors as Governors of RBI not only to showcase their leadership accomplishments, but also because this recollection will afford us a peep into history. 1. **Sir Chintaman Deshmukh** was the first Indian Governor of the Reserve Bank, who oversaw the transition of RBI from British rule to Independence and the division of the assets and liabilities of the Reserve Bank between India and Pakistan consequent upon partition. 1. He also helped smoothen the transition of the Bank from a shareholder’s institution to a State owned organization, when the Reserve Bank was nationalized in January 1949. 2. **Shri H.V.R. Iengar**, who succeeded Sir Chintaman, introduced deposit insurance for bank deposits in 1962, making India one of the earliest countries to experiment with Deposit Insurance. That other countries emulated this initiative is a testimony to Shri Iengar’s innovativeness and foresight. 3. **Dr. L.K. Jha**, by far the most distinguished and accomplished civil servant to occupy the office of the Governor, was responsible for giving a distinct development orientation to RBI policies. The Reserve Bank under Dr Jha’s leadership was an influential force in shaping landmark policies for the devaluation of rupee, the Green Revolution, social control followed by nationalization of 14 major commercial banks. 4. **Dr. IG Patel’s** tenure as Governor of RBI witnessed the demonetization of high denomination notes as well as the “gold auctions” conducted by the Bank on behalf of Government of India. Dr. Patel played a key role in negotiating IMF assistance in 1981 to tide over the balance of payments constraints. 5. All of us of course know the contributions of our Hon’ble Prime Minister **Dr. Manmohan Singh** who, after deftly steering the Reserve Bank as its Governor, went on to become India’s Finance Minister and put India on a path of historic and path breaking economic reforms. 6. **Dr. R.N. Malhotra**, who served as the Governor during the Rajeev Gandhi years, gave a reform orientation to RBI. 1. His tenure saw widening of the money market in India and introduction of new instruments recommended by the Sukhomoy Chakravarty Committee on the Monetary System and the Vaghul Working Group on the Money Market. 7. **S. Venkitaramanan** - As the RBI Governor, he played a leading role in managing India’s deepest balance of payments crisis in 1991. 8. **Dr. C Rangarajan** will be remembered for beginning the historic process of financial sector reforms. Through his leadership, Dr. Rangarajan showed how monetary policy has a key role in economic development. He will be most remembered for bringing an end to automatic deficit financing and thereby for setting the course for independent monetary policy. 9. **Dr. Bimal Jalan** ably steered India to ensure that we were not affected by the Asian Crisis. He focussed on consolidating the gains of liberalization and economic reforms including developing the trade sector and strengthening our balance of payments position. 10. **Dr. Y.V. Reddy** - My immediate predecessor in RBI, **Dr. Y.V. Reddy** carried the reforms process forward. His leadership will be remembered for the sagacity and wisdom with which 5 BIS central bankers’ speeches he leaned against the wind to zealously guard India’s financial stability even as much of the world fell prey to irrational exuberance. Few more additions: 11. **Duvvuri Subbarao** (Sept 2008–Sept 2013), steered the RBI through the Global Financial Crisis 2008. 12. **Raghuram Rajan** (Sept 2013–Sept 2016) tackled high inflation, anchored inflation targeting, and improved transparency. 13. **Urjit Patel** (Sept 2016–Dec 2018) oversaw the 2016 demonetisation rollout and advanced banking sector reforms. 14. **Shaktikanta Das** (Dec 2018–Dec 2024) led the RBI’s response to COVID-19 with liquidity measures and regulatory support. Recognized with ‘Central Banker of the Year’ (2020, Asia-Pacific), and maintained financial stability during global uncertainties. 15. **Sanjay Malhotra** (Dec 2024–Present) ### Tenure 1. The Governor of the Reserve Bank of India is appointed for a tenure not exceeding five years under Section 8(4) of the RBI Act, 1934, and is eligible for reappointment. 2. But the central government typically fixes the term at three years, with eligibility for re-appointment. 3. So the Act does not clearly specify about tenure of the governor. >Further Reading: >1. V. S. Das. Jul 18, 2012. ==On Leadership Skills==. Inaugural address by Shri V.S. Das, Executive Director, Reserve Bank of India delivered on July 15, 2012 at the Seminar on “Leadership, Performance and Transformation through Personnel Management” held at Jamnalal Bajaj Institute of Management Studies, Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=708) | [pdf](RBI_Speeches_20120718_On%20Leadership%20Skills_V.S.Das.pdf) >2. RBI. History of The Reserve Bank of India (1997-2008)-Volume V. [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf) ## Related Notes 1. [[Y. V. Reddy]] 2. [[Chakravarthi Rangarajan]] 3. [[Raghuram G. Rajan]] 4. [[Duvvuri Subbarao (2008 to 2013)]] 5. [About the RBI](About%20the%20RBI.md) 6. [Monetary Policy Decisions in the RBI - The Structure](Monetary%20Policy%20Decisions%20in%20the%20RBI%20-%20The%20Structure.md) # References 1. Duvvuri Subbarao. (December 9, 2011). Reflections on Leaders and Leadership- Edited transcript of comments made by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at the National Convention on Leadership at CII-Suresh Neotia Centre of Excellence for Leadership in Kolkata on December 9, 2011 | [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=650) | [pdf](RBI_Speeches_20120106_Reflections%20on%20Leaders%20and%20Leadership_Duvvuri%20Subbarao.pdf) 2. RBI. History of The Reserve Bank of India (1997-2008)-Volume V. [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf)