The RBI has been running India’s money game since 1935, and behind it all have been the governors, people who quietly decide the rules we all live by when it comes to banks, loans, and the economy. From Sir Osborne Smith, the first one to take charge, to the current head, each governor has had their own way of dealing with crises, reforms, and the ever-changing world of finance. In this post, we’re taking a look at all of them, their time in charge, and the little ways they’ve shaped India’s financial story over the years.
About RBI Governors
- Who picks the RBI Governor?
The Government of India does. Usually, a governor is chosen for 3 years, though sometimes their term can be extended if needed. - How many have there been?
Since 1935, 26 people have worn the RBI Governor’s hat (including a few acting governors filling in between terms). - Women at the top?
Surprisingly, there hasn’t been a female governor yet, something that really makes you think about representation at the highest levels of finance. - The first one ever:
Sir Osborne Smith was the very first governor, taking charge when the RBI started its journey in 1935. - Current governor:
As of now, Shaktikanta Das is steering the ship, holding office since December 2018.
List of RBI Governors
| S. No | Governor Name | Tenure | Notes |
|---|---|---|---|
| 1 | Sir Osborne Smith | April 1, 1935 – June 30, 1937 | The first captain of India’s central bank. |
| 2 | Sir James Braid Taylor | July 1, 1937 – Feb 17, 1943 | Steered RBI during pre-independence turbulence. |
| 3 | Sir C. D. Deshmukh | Aug 11, 1943 – June 30, 1949 | First Indian Governor; laid foundations for sovereign RBI. |
| 4 | Sir Benegal Rama Rau | July 1, 1949 – Jan 14, 1957 | Post-independence visionary shaping monetary policy. |
| 5 | K. G. Ambegaonkar | Jan 14, 1957 – Feb 28, 1957 | Very brief tenure, linking two eras. |
| 6 | H. V. R. Iengar | Mar 1, 1957 – Feb 28, 1962 | Strengthened RBI’s role in a developing India. |
| 7 | P. C. Bhattacharya | Mar 1, 1962 – June 30, 1967 | Oversaw RBI during economic challenges and reforms. |
| 8 | L. K. Jha | July 1, 1967 – May 3, 1970 | Navigated financial stability and policy evolution. |
| 9 | B. N. Adarkar | May 4, 1970 – June 15, 1970 | Short tenure, acted as a bridge. |
| 10 | S. Jagannathan | June 16, 1970 – May 19, 1975 | Guided RBI through early economic reforms. |
| 11 | N. C. Sen Gupta | May 19, 1975 – Aug 19, 1975 | Brief but important transition period. |
| 12 | K. R. Puri | Aug 20, 1975 – May 2, 1977 | Steady hands during turbulent times. |
| 13 | M. Narasimhan | May 2, 1977 – Nov 30, 1977 | Short-term leadership ensuring continuity. |
| 14 | Dr. I. G. Patel | Dec 1, 1977 – Sept 15, 1982 | Modernized practices and strengthened policies. |
| 15 | Dr. Manmohan Singh | Sept 16, 1982 – Jan 14, 1985 | Future PM; innovated India’s monetary framework. |
| 16 | A Ghosh | Jan 15, 1985 – Feb 4, 1985 | Brief caretaker tenure. |
| 17 | R. N. Malhotra | Feb 4, 1985 – Dec 22, 1990 | Long-term stability and growth. |
| 18 | S. Venkitaramanan | Dec 22, 1990 – Dec 21, 1992 | Guided India during early economic liberalization. |
| 19 | Dr. C. Rangarajan | Dec 22, 1992 – Nov 22, 1997 | Architect of modern monetary policies. |
| 20 | Dr. Bimal Jalan | Nov 22, 1997 – Sept 6, 2003 | Focused on reforms, inflation control, and banking stability. |
| 21 | Dr. Y. V. Reddy | Sept 6, 2003 – Sept 5, 2008 | Praised for cautious policies protecting India during crises. |
| 22 | Dr. D. Subbarao | Sept 5, 2008 – Sept 4, 2013 | Led RBI during the global financial meltdown. |
| 23 | Dr. Raghuram Rajan | Sept 4, 2013 – Sept 4, 2016 | Known for bold reforms and taming inflation. |
| 24 | Dr. Urjit Patel | Sept 4, 2016 – Dec 11, 2018 | Focused on transparency, inflation targeting, and digital banking. |
| 25 | Shri Shaktikanta Das | Dec 12, 2018 – Dec 10, 2024 | Guided RBI through pandemic challenges and policy reforms. |
| 26 | Sanjay Malhotra | Dec 11, 2024 – Present | Current guardian of India’s monetary policy. |
RBI Governors Who Truly Shaped India’s Economy
The Reserve Bank of India is more than just a central bank it’s the heartbeat of our economy. Since 1935, it has been led by a series of governors, each leaving their unique mark on India’s financial story. Some navigated wars, others guided India through crises, and some redefined how we think about banking and money.
Not every governor needs to be mentioned in detail; here, we focus on the ones who truly shaped India’s economic destiny.
Sir C. D. Deshmukh (1943–1949)
- Why he matters: The first Indian governor, a man who laid the foundations for a sovereign RBI.
- Took charge at a time of immense change, Independence and Partition ensuring banks didn’t collapse amid chaos.
- Represented India on the global stage at Bretton Woods, showing the world we could manage our own finances.
- Oversaw the RBI’s journey to becoming a fully Indian-run institution.
Sir Benegal Rama Rau (1949–1957)
- Why he matters: The visionary who transformed banking for a new India.
- Turned the Imperial Bank into the State Bank of India, a move that made banking accessible to millions.
- Introduced the minimum reserve system to stabilize currency in a fledgling economy.
- Advocated for planned economic development through smart credit and policy decisions.
H. V. R. Iengar (1957–1962)
- Why he matters: The modernizer of India’s banking system.
- Introduced decimal coinage, making everyday transactions simpler for people.
- Rolled out deposit insurance to protect depositors giving Indians trust in banks.
- Experimented with variable reserve ratios to balance credit flow and economic growth.
P. C. Bhattacharya (1962–1967)
- Why he matters: The builder of financial institutions.
- Laid the foundations of IDBI, ARC, and UTI, giving industries and citizens new avenues to access money.
- Introduced credit authorization schemes, guiding loans to sectors that needed it most.
- Steered India through the 1966 rupee devaluation without panic.
S. Jagannathan (1970–1975)
- Why he matters: The crisis navigator.
- Tackled oil-shock inflation with proactive policies.
- Expanded bank branches, ensuring even remote areas had access to banking.
- Introduced floating interest rates, giving flexibility in an evolving economy.
Dr. I. G. Patel (1977–1982)
- Why he matters: The problem-solver.
- Managed demonetization of high-value notes to fight black money.
- Organized gold auctions and ensured priority sectors got credit.
- Coordinated with the IMF to stabilize India’s external accounts.
Dr. Manmohan Singh (1982–1985)
- Why he matters: The reformer.
- Introduced banking legal reforms for better governance and transparency.
- Created the Urban Banks Department to modernize urban banking operations.
R. N. Malhotra (1985–1990)
- Why he matters: The builder of financial markets.
- Developed structured money markets to improve liquidity.
- Established NHB & DFHI for housing and finance.
- Expanded rural credit through the service area approach.
S. Venkitaramanan (1990–1992)
- Why he matters: The crisis manager.
- Handled India’s balance of payments crisis with calm and decisiveness.
- Implemented rupee devaluation and coordinated with IMF to stabilize the economy.
- Dr. C. Rangarajan (1992–1997)
- Why he matters: The modernizer.
- Unified exchange rates and capped ad hoc treasury financing.
- Streamlined financial systems, making them more transparent and efficient.
Dr. Bimal Jalan (1997–2003)
- Why he matters: The stabilizer.
- Strengthened India’s forex reserves.
- Guided the country through the Asian financial crisis.
- Improved policy transparency and brought inflation under control.
Dr. Y. V. Reddy (2003–2008)
- Why he matters: The cautious protector.
- Introduced prudent policies to shield India during global turbulence.
- Oversaw reforms in trade finance and external borrowing monitoring.
- Ensured financial stability while promoting economic growth.
Dr. D. Subbarao (2008–2013)
- Why he matters: The global crisis leader.
- Navigated India safely through the global financial meltdown.
- Balanced inflation control with fiscal prudence.
Dr. Raghuram Rajan (2013–2016)
- Why he matters: The visionary.
- Stabilized the rupee after the taper tantrum.
- Reformed the banking sector and introduced inflation-targeting.
- Advocated structural reforms for long-term economic stability.
Dr. Urjit Patel (2016–2018)
- Why he matters: The bold reformer.
- Led demonetization of high-value notes to tackle black money.
- Strengthened India’s monetary framework.
- Supported BRICS reserve arrangements.
Shri Shaktikanta Das (2018–2024)
- Why he matters: The pandemic-era leader.
- Managed COVID-19 economic challenges with effective liquidity measures.
- Boosted digital payments through UPI adoption.
- Balanced inflation management while supporting economic growth.
FAQS about RBI Governor
Q: Who is the current RBI Governor?
Right now, the RBI is headed by Sanjay Malhotra, who took over the role recently. He’s the one steering India’s monetary decisions at the moment.
Q: How much does the RBI Governor earn per month?
The basic salary is around ₹2.5 lakh per month — which honestly surprises a lot of people because of how big the job is.
Q: Does the Governor get perks apart from salary?
Absolutely. Along with the salary, the Governor gets allowances, reimbursements, and access to a bunch of official facilities.
Q: What’s the total monthly payout after allowances?
Once everything is added, the overall monthly compensation comes to roughly ₹2.8–₹3 lakh.
Q: Do they get an official house?
Yes, the RBI Governor gets a fully maintained, high-security official bungalow in Mumbai as part of the job.
Q: What about cars, security, and medical perks?
They get an official car with a driver, full medical coverage, and multiple reimbursements to make their work smoother. Security is also provided depending on the situation.
Q: Does the RBI Governor get a pension?
Not automatically. Pension depends on the individual’s background and government service rules — it’s not guaranteed just because someone served as Governor.
Q: Why is the salary low compared to private bank CEOs?
Because this is a government-appointed role, not a corporate one. It’s more about public service than private-sector pay scales.
Q: Who appoints the RBI Governor?
The Government of India appoints the Governor through the Appointments Committee of the Cabinet.
Q: How long does an RBI Governor serve?
The standard term is 3 years, but it can be extended depending on performance or government decisions.
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