TEN HEADS’ FIVE YEARS IN OFFICE All the RBI’s men with five-year tenuretenure sincesince anan IndianIndian tooktook over in 1943

SIR C D DESHMUKH H V R IENGAR P C BHATTACHARYA 11-08-1943 to 30-06-1949 01-03-1957 to 28-02-1962 01-03-1962 to 30-06-1967 Chintaman Dwarkanath H V R Iengar, an Indian Civil An Indian Audit and Accounts Deshmukh, a member of Service member, was Service member, P C the Indian Civil Service, chairman of State Bank of Bhattacharya was secretary in was the first Indian Governor before being appointed the finance ministry and of the Bank. He helped with as RBI Governor. His tenure chairman of SBI before the smooth transition of the witnessed India’s shift to appointment as Governor. The Bank from a shareholder’s decimal coinage from the Industrial Development Bank of institution to a State-owned earlier system; the variable India (1964), the Agricultural organisation, when the Bank cash reserve ratio was used Refinance Corporation (1963) was nationalised on for the first time, as were and the Unit Trust of India (1964) January 1 1949 selective credit controls were set up during his tenure

S JAGANNATHAN | 16-06-1970 to 19-05-1975 S Jagannathan was an Indian Audit and Accounts Service member. He had served the Union Government and, thereafter, as India’s Executive Director at the World Bank, prior to being appointed as Governor. His tenure saw active monetary policy in the wake of unprecedented inflation in India, following the oil shock

I G PATEL | 01-12-1977 to 15-09-1982 Patel, an economist and administrator, joined RBI as Governor after serving as secretary in the ministry of finance and, thereafter, at the UNDP. Six private sector banks were nationalised during his tenure; and IMF’s Extended Fund Facility in 1981 was availed of due to balance of payments difficulties

R N MALHOTRA 04-02-1985 to 22-12-1990 R N Malhotra, an IAS officer, served as secretary, C RANGARAJAN BIMAL JALAN finance and executive director 22-12-1992 to 21-12-1995 22-11-1997 to 06-09-2003 of IMF prior to his 22-12-1995 to 22-11-1997 Bimal Jalan served as chief appointment Rangarajan was an economist. economic advisor to the as Governor. Before his appointment as Governor, government, as banking During his tenure, he was deputy governor for over a secretary, finance secretary, efforts were made decade. He was also a member of member secretary of Planning to develop the the Planning Commission and the Commission, and chairman of money markets 10th . His tenure the Economic Advisory Council and new saw comprehensive set of measures to the PM. During his tenure, instruments were taken to strengthen the competitive India weathered the introduced efficiency of the financial sector Asian crisis

Y V REDDY | 06-09-2003 to 5-09-2008 Yaga Venugopal Reddy, the 21st Governor, was an IAS officer. He has spent most of his career in the areas of finance and planning. He made significant policy contributions in the areas of financial sector reforms; trade finance; monitoring of balance of payments and exchange rate

D SUBBARAO | 06-09-2008 onwards Prior to his appointment as RBI Governor, Subbarao was the finance secretary in the ministry of finance. He had been secretary to the Prime Minister's Economic Advisory Council (2005-2007), and lead economist in the World Bank (1999-2004). He was one of the first IITians to join the civil service