List of Governors of Reserve Bank of India (RBI) : Tenure, Roles & Their Impact on the Indian Economy (1935-2025)

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.